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EUR/USD Continues to Fall on U.S. GDP Report

May 29, 2008 by

EUR/USD made its biggest drop since May 7 today. The popular currency pair continued its decline that has started on Tuesday and will probably last until it reaches 1.5300-1.5400 levels. EUR/USD went down from 1.5647 to 1.5533.

Preliminary GDP for the first quarter of 2008 increased 0.9% — the same pace as the market analysts predicted and slightly faster than 0.6% growth in Q4 2007.

Initial jobless claims weren’t as good as traders were expecting — they rose from 368k (revised up from 365k) to 372k.

Crude oil inventories were down 8.8 million barrels last — this fact will probably keep oil prices up for the rest of the week.

One Response to “EUR/USD Continues to Fall on U.S. GDP Report”

  1. Russ H

    Just stopped by to take a look. Good info and great Blog.. Thanks!


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