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And there goes optimism

Posted on July 31, 2009 at 12:41 in News by Valeria Bednarik

2Q GDP fell 1.0% in the first estimate, while economists expected a 1.5% decrease. Despite falling less than expected, the 1Q was revised to the downside -6.4%. PCE climbed 1.3% after falling 1.5% in the 1Q. The PCE ex food and energy rose 2.0%, after increasing 1.1% in the 1Q. Stocks are falling strongly, and dollar winning big after the report. EUR/USD reached 1.4100 support, and GBP/USD is struggling with 1.6500. Let’s see if rally could extend under this points.

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