Daily Forex Commentary for August 3, 2009

July 31st, 2009 • Related • Filed Under




August 3, 2009

U.S. Dollar Tanks as GDP Report Shows Less Contraction

The U.S. Dollar was hit hard on Friday. Traders aggressively sold the Dollar after the government reported a lower than estimated decline in 2nd Quarter GDP. Today’s number suggests that the U.S. economy is closer to a recovery. This triggered greater demand for higher yielding, higher risk assets.

The GBP USD was the big gainer today. A spike through 1.6585 turned the main trend to up on the daily chart and triggered a breakout rally. Currently this currency pair …
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