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EUR/USD at 1.5179 After GDP News Release

February 28, 2008 by

GDP release today in U.S. pushed dollar down after yesterday’s macroeconomic statistics and allowed EUR/USD to reach a new record at 1.5179. Meanwhile GBP/USD decelerated its pace a little and turned to a less bullish trend today.

The preliminary GDP data for the third quarter showed 0.6% growth — the same as it was in the advance release a month ago, but below the expected 0.8%. That’s quite a poor result for the U.S. economy, but still — not a recession.

Initial jobless claims last week were at 373,000 — a very high number even if compared to the previous 354,000. A small decrease to 350,000 was expected by the market strategists.

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