EUR/USD Demonstrates Fastest Gain in 3 Weeks

The dollar fell at a fastest pace in 3 weeks against the euro today as the Q1 GDP decline was reported to be not so bad as expected. EUR/USD is now trading near 1.4114 and technical analysis shows that it will probably continue to grow at least until 1.4350 in the next few weeks.
Preliminary GDP report for the first quarter of 2009 showed a decline by 5.7% — better than the 6.3% drop that was reported in the advance report a month ago. Market analysts expected a revision to -5.5%.
Chicago PMI index unexpectedly decreased from 40.1 to 34.9 in May. The traders expected a growth to 42.
Michigan Sentiment index rose to 68.7 in May from 65.1 in April. It was expected to be reported at 68.0.

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