EUR/USD Bearish Despite Weak U.S. GDP Data

The EUR/USD currency pair continues on a bearish trend despite a rather disappointing final U.S. GDP report for this year’s third quarter, considering that this reading, being the final for this quarter, has less impact among traders then previous ones, specially since the first for each quarter, already show economic conditions in the world’s wealthiest nation. A losing streak started in the beginning of December for the euro is still influencing EUR/USD which traders currently at 1.4271.
U.S. GDP figures increased at an annual rate of 2.2% in the third quarter of 2009 from the previous quarter, according to the third estimate released by the Bureau of Economic Analysis. The current figures came out negative from the previous reading and forecasts which were both at 2.8%.
Existing home sales continued to advance reaching a seasonally adjusted annual rate of 6.54 million units in November from 6.10 million units in the past month, and more than estimates suggested at 6.29 million.
Richmond Fed manufacturing index posted a frustrating level of -4 in December, from a previous reading of 1 in November and contradicting forecasts that suggested a positive reading of 4 for the index.

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