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The Greenback strengthened against the Eurozones's single currency, following the US Preliminary GDP data release on Wednesday. The EUR/USD currency pair lost six pips, or 0.05%, however retraced back in the next minute and afterwards continued to fluctuate in the 1.1625 area.
The Bureau of Economic Analysis released Preliminary Gross Domestic Product data that came out lower-than-expected of 2.2%, compared to the 2.5% in the previous period.
"The revision to headline GDP growth was small, as were most of the revisions to GDP components. The standouts were weaker inventory investment, weaker residential investment and stronger business investment," said Chris Low of FTN Financial Group.
| Historical Data Table: US Prelim GDP q/q | Economic Calendar for 31.05.2018 | ||||||||
| Date | 26.05.2017 | 30.08.2017 | 29.11.2017 | 28.02.2018 | 30.05.2018 | 12:30 PM | CAD GDP m/m | ||
| Actual | 1.20% | 3.00% | 2.60% | 2.50% | 2.20% | 12:30 PM | US Core PCE Price Index m/m | ||
| Forecast | 0.90% | 2.70% | 3.30% | 2.50% | 2.30% | 12:30 PM | US Personal Spending m/m | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/USD | 0.75472 | 0.75476 | 0.01% | AUD/USD | 73.12% | 26.88% | |||
| EUR/USD | 1.16317 | 1.16262 | -0.05% | EUR/USD | 63.32% | 36.68% | |||
| USD/JPY | 108.92 | 108.9 | -0.02% | USD/JPY | 50.83% | 49.17% | |||
| NZD/USD | 0.69698 | 0.69689 | -0.01% | NZD/USD | 54.44% | 45.56% | |||