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Dollar Steady Against Pound, Euro

December 20, 2007 (Last updated on December 3, 2009) by

U.S. dollar gained against other currencies today, showing a significant change in GBP/USD, along with a little less strong appreciation in EUR/USD. As no important positive data was released for USD, this growth may be accounted to the inertial buying of dollar and position closing on the previous good news and the loss of interest to carry trade.

Final numbers for GDP growth and GDP deflator in Q3 2007 were released today, but they didn’t change anything at all as they were known long before today. GDP growth remained the same — at 4.9%, a very high number for U.S. economy, GDP deflator was revised from 0.9% to 1.0% — an insignificant change.

Weekly report from the U.S. Department of Labor showed that initial jobless claims reached 346k — above the expected 335k and 12k above the previous 334k amount.

Leading indicators continued their decline in November — they fell by 0.4% — a slightly better then 0.5% dropdown in October, but worse than -0.3% that was expected by market analysts. On the bright side, leading indicators is not an important market parameter for Forex.

Philadelphia Fed November index disappointed dollar bulls with a -5.7 value, whereas October value was at 8.2 and a slight drop to 6.0 was expected by the market participants.

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