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by ForexNewsNow Team on July 30, 2010

EUR/USD pares losses after U.S. GDP, manufacturing data

forex analysis global forex forex tips FX newsNEW YORK (Forex News Now) – The euro pared losses against the U.S. dollar on Friday, as upbeat reports on the U.S. manufacturing sector and consumer sentiment somewhat offset disappointing GDP data.

In New York afternoon currency trading, EUR/USD traded at 1.3061, down 0.12 percent on the day, after climbing from a daily low of 1.298.

Official data showed earlier that the U.S. economy grew at a slower pace than expected in the second quarter.

The Commerce Department reported that U.S. gross domestic product, the broadest measure of economic activity, expanded at an annual rate of 2.4 percent in the second quarter, after expanding a revised 3.7 percent in the previous three months.

Analysts had expected slightly more robust growth of 2.5 percent in the second quarter, two global forex news outlets reported.

According to forex analysis, EUR/USD was likely to touch support around the low of July 21, 1.2732, and encounter immediate resistance around the high of May 4, 1.3214.

Weak data on German retail sales, which fell unexpectedly in June, and consumer price inflation in the euro zone also weighed on the single currency.

Elsewhere, the euro slumped versus sterling: EUR/GBP traded at 0.8316, down 0.71 percent.

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