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U.S. GDP Positive Report Pushes EUR/USD Up

October 29, 2009 by

EUR/USD gained for the firs day in a week today after the U.S. GDP report for the third quarter came out and positively surprised the investors. Accompanied by the growth of the stock markets, the euro rose against the U.S. dollar on better prospects for the world’s biggest economy. EUR/USD is now trading near 1.4780.

Advance estimate report on U.S. GDP growth in the third quarter of 2009 showed an increase by 3.5%, which surpassed the rather optimistic median forecast of 3.2% growth. In Q2 2009 GDP decreased by 0.7%. Of course, this is only an advance estimate report and the final revision may differ from such a good growth, but this gain may signal that the United States will be technically out of recession after Q4 2009.

Initial jobless claims fell insignificantly last week — from 531k to 530k. The forecast number of claims was 525k.

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

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