EUR/USD Down on US GDP Report

EUR/USD declined after trading more-or-less inside some tight range today as the US GDP numbers improved appeal for the US dollar slightly. The drop also fits into the end-of-the-week correction process, following two days of gain on this currency pair. It’s currently trading near 1.2700.
At a second estimate, US GDP increased by 1.6% in the second quarter of 2010 (year-to-year). That’s better than the forecast of 1.4% but is worse than the 2.4% gain reported in the advance estimate.
University of Michigan sentiment index failed to confirm the growth stability and came out worse than expected in its final revision for August — 68.9%, while expected value was at 69.8%. The indicator was reported at 67.8% in July.

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