US GDP might Take the USD Down

The greenback saw mixed results versus its rival counterparts during yesterday’s trading session. The USD initially retreated from recent highs against a basket of rival currencies caused mainly by a rise in Oil prices, as well as another round of concerns over the U.S. healthcare and banking system. The USD pared losses after a report showed that US Durable Goods Orders for July rose by 1.3% causing the USD climb against its counterparts immediately after the results were published. However, despite the positive release the USD continued its decline shortly after hawkish comments several ECB executives that helped the EUR rebound from a 6-month low versus the greenback.
In recent days the USD has gained some strength and been broadly supported over the fear of a deteriorating global economy, which would lead the Central Banks in those major economies affected by the global slowdown to lower Interest Rates. In contrast, […]

Original post by Forextvblog

This entry was posted on Thursday, August 28th, 2008 at 4:41 am and is filed under gdp, USD, forex, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.