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Bottom Formed on EUR/USD?

November 25, 2008 by

EUR/USD continue to rise today for the third straight day on the stock market optimism that was earlier based on the Citigroup bail-out and now on a new plan worth $800 billion to unfreeze the lending in the U.S. financial system. Fundamental reports from the United States that were released today didn’t impact Forex rates much. EUR/USD is currently trading near 1.3029.

Preliminary value for the Q3 U.S. GDP decline was revised downwardly to 0.5% from 0.3% drop released almost a month ago. It was expected by the market participants and didn’t affect the EUR/USD rate.

Consumer confidence unexpectedly rose in November – from 38.8 to 44.9. That’s a clear positive news for the global financial markets, but probably not for the U.S. dollar. The consensus forecast for the current month’s value was at 39.5.

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