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U.S. GDP — Down, EUR/USD — Up

April 29, 2009 by

Despite the huge and quite unexpected drop of the U.S. gross domestic product in the first quarter of 2009 reported today, the stock markets rose globally, spurring euro and other high-yielding pairs in their gain against the greenback. The interest rates left unchanged weren’t a big news for the Forex traders. EUR/USD is now trading near 1.3264.

According to the advance report GDP decreased by 6.1% in the first quarter of 2009. It was down by 6.3% in the fourth quarter of 2008. Forecasts showed -4.9% for Q1 2009.

U.S. commercial crude oil inventories rose one more time last week — by 4.1 million barrels. They are still above the upper boundary of the average range for this time of year.

The Federal Reserve’s FOMC left interest rates unchanged at the range between 0% and 0.25%. They also left the amount of the U. S. Treasury securities that they will buy by autumn unchanged at $300 billion.

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