Following a day that saw negative US Durable Goods Order data and a less-than-optimistic Fed Beige Book report, the combination of euro strength, dollar weakness was no surprise.

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The decline in US durable-goods orders last week added to this concern, as did the manufacturing data from Europe and China, which indicated their economies were contracting.

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Orders for durable goods in the US fell 5.2% in January, the first fall in five months, as orders for aircraft plunged.

BBC: US durable goods orders fall in January

The rise in pending home sales, and the underlying improvement in durable goods sales, add to evidence that the US economic recovery is gaining momentum.

BBC: US durable goods orders fall in January