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GDP Stats Support Dollar

March 27, 2008 by

EUR/USD turned to a mainly bearish trend after the GDP and unemployment statistics were released in U.S. today at 8:30 EST. Dollar went up from 1.5845 to 1.5750 dollars per euro.

The gross domestic product in the fourth quarter of 2007 gained 0.6% as was forecasted by the major market analysts and the previous GDP report. While the value is definitely low, it’s still above zero and it also held stable against the expectations of the possible revision.

Initial jobless claims last week decreased slightly — they went down from 375,000 (revised down from 378,000) to 366,000. The consensus expectation was at 371,000.

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