The Greenback Ranges after Strong Bullish Move

The USD underwent a bullish trading session yesterday, as it appreciated against all of its major currency rivals. The dollar rose 0.1% and closed at around 1.4710 versus the Euro in yesterday’s trading session. Also, the USD saw steady gains against the GBP and CHF.
The greenback saw gains yesterday as Preliminary GDP figures beat out already positive forecasts which showed an expected rise of 2.6%. Instead, the indicator rose 3.3% and added to another day of surprising US economic data supporting the USD. In addition, a rally in U.S. stocks, seen mostly by industrial and financial companies as well as a decline in oil prices also boosted the greenback. The US economy grew at a 3.3% annualized rate in the second quarter of 2008, a sharp upward revision from the 1.9% growth reported in the US Department of Commerce’s first estimate a month ago and higher than the 0.9% rise […]

Original post by Forextvblog

This entry was posted on Friday, August 29th, 2008 at 4:08 am and is filed under trading, gold price, Crude Oil, 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.