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Dollar Slides on Disappointing GDP Data

July 31, 2008 by

EUR/USD soared up today immediately after the report on advance GDP figures for the second quarter of 2008 came out in U.S. It disappointed the investors and is currently pressing on the greenback. Employment data also came out much worse than the majority of the traders expected today. EUR/USD is currently trading near 1.5633 level after reaching as high as 1.5700 in early trading after GDP report.

Advance GDP growth in the second quarter of 2008 was reported to be 1.9%. Although it’s better than 1% growth in Q1, it’s much worse than the expected 2.3% growth for the second quarter.

Initial jobless claims were at 448,000 last week — the growth from 404,000 claims a week before. Average forecast for the last week was 395,000.

Chicago PMI rose from 49.6 to 50.8 in July. It was forecast3ed to decline to 49.0 this month. It was the first growth posted by this indicator in last five months.

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