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Session Recap: Greenback trades lower on Green Monday

FXstreet.com (San Francisco) - Market performed a green Monday on Monday as news from Europe and well above expectations US Housing economic data fueled investors confidence. However, Income data in the United States came below expectations but spending posted above consensus. Equities posted strong gains.

The Greenback traded negative on the day against its major competitors. The EUR/USD rose to the 1.3115 and now is consolidating levels around the 1.3100; The GBP/USD advanced to 1.5545, 2 ½ highs, and currently it's at 1.5495.

Main headlines in the American session:

Personal income and spending each rise 0.2%

German inflation data ups odds of ECB rate cut

US: Pending Home Sales beat consensus at 1.5% in March

Letta, Merkel to meet tomorrow in Berlin

EUR/USD continues to struggle above 1.3100

Forex: USD/CAD falls to 2-week low

Forex Flash: New lows on Italian bond yields support euro – UBS

On Monday, when markets digested the new Italian government, Italian bond yields fell to new lows and the euro appreciated, notes the UBS analyst team. "However, we do not think that this initial reaction is the beginning of a new momentum. The support in the parliament for this heterogeneous government is probably too weak, to address meaningful reforms".
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Wall Street rallies on US housing data and Italian 'finished' job

The US stocks market closed higher on Monday as investors' confidence were fueled by well above expectations UH pending home sales and as Italy’s PM Letta formed his cabinet as Italian government two months after the elections. The S&P 500 closed at record high and the Nasdaq finished at its highest level since November 2000.
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