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The Euro was little changed against the Greenback, following the release of the preliminary US Q4 economic growth. The EUR/USD exchange rate fell just five base points, or 0.04%, to the 1.2212 level and continued to fluctuate in the 1.2214 area.
The US economy grew in line with the forecast of 2.5% in the final quarter of 2017. It was the slowest growth rate in three quarters, as businesses invested less in equipment and inventories. The US Dollar remained on a strong foothold, following the expressed optimism from Powell about economic conditions in the US. In the meantime, with inflation getting higher and continuously well performing economy, analysts expect the Fed to raise rates more than 3 times this year.
| Historical Data Table: US Prelim GDP q/q | Economic Calendar for Feb 28.02.2018 | ||||||||
| Date | 28.02.2017 | 26.05.2017 | 30.08.2017 | 29.11.2017 | 28.02.2018 | 3:30 PM | USD Crude Oil Inventories | ||
| Actual | 1.90% | 1.20% | 3.00% | 2.60% | 2.50% | 9:45 PM | NZD Overseas Trade Index q/q | ||
| Forecast | 2.10% | 0.90% | 2.70% | 3.30% | 2.50% | 11:50 PM | JPY Capital Spending q/y | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/USD | 0.78116 | 0.78053 | -0.08% | AUD/USD | 54.30% | 45.70% | |||
| EUR/USD | 1.22178 | 1.22128 | -0.04% | EUR/USD | 45.14% | 54.86% | |||
| USD/JPY | 107.065 | 107.134 | 0.06% | USD/JPY | 72.70% | 27.30% | |||
| NZD/USD | 0.72274 | 0.72224 | -0.07% | NZD/USD | 41.71% | 58.29% | |||