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GDP Growth Disappoints, EUR/USD Rises

April 28, 2011 (Last updated on January 10, 2013) by

The dollar fell against the euro before the disappointing US GDP growth data was released today. The currency pair was in a decline for 2 hours immediately before the release but regained its growth afterwards. Other fundamental releases didn’t have much influence on EUR/USD today. It is now trading near 1.4815.

GDP increased by 1.8% (annualized) in the first quarter of 2011 according to the advance report. It followed 3.1% growth in the fourth quarter. The forecast was for 2.0% growth. (Event A on the chart.)

Initial jobless claims were at 429k last week, up from 404k recorded during the previous week and above the forecast value 395k. (Event A on the chart.)

Pending home sales rose by 5.1% in the United States in April, following a small increase of 0.7% in March and more than three times higher than the average analysts’ forecast of 1.5% for this month. (Event B on the chart.)

EUR/USD 2011-04-28

If you have any comments on the recent EUR/USD action, please reply using the form below.

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