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Greece Still Bad for EUR/USD, US GDP Grows as Predicted

June 24, 2011 by

EUR/USD retreated, following the jump earlier today, on concerns that Greece’s politicians won’t vote for the austerity measures that are required to receive aid from the European Union and the International Monetary Fund. Today was the second day of the EU summit in Brussels, where the European leaders discussed the economic problems of the Eurozone. The US durable goods orders grew last month more than was estimated, while the growth of the GDP was in line with forecasts of analysts. EUR/USD currently trades near 1.4226.

Durable goods orders rose 1.9% in May, more than 1.6% analysts forecast. April reading was revised from -3.6% to -2.7%. (Event A on the chart.)

US GDP grew 1.9% in the first quarter of 2011, according to the final estimate. This figure was expected by Forex traders. The preliminary estimate was 1.8% and the growth in the fourth quarter of 2010 was 3.1%. (Event A on the chart.)

EURUSD for 2011-06-24

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