EUR/USD Halts Growth After Bad U.S. GDP Report

The euro went up against the U.S. dollar today but a portion of this growth was later erased by the not as good as expected fundamental values from U.S. The GDP growth report for the first quarter of this year showed the value below the forecast level. EUR/USD is now trading near 1.3310.

Advance GDP report for the first quarter of 2010 showed a growth at an annual rate of 3.2%, which is below the Q4 2009 growth of 5.6% and 0.1% below the forecasted growth of 3.3%.

Chicago PMI index increased from 58.8 to 63.8 in April. The expected gain of this business sentiment index was to the level of 60.0.

University of Michigan index in its final revision fell from 73.6 to 72.2 in April. The value was revised from 69.5 of the preliminary report. The expected revision result was 71.0.

Yesterday, a report on the initial jobless claims in United States was released. It showed a decrease from 459k to 448k claims, while a fall to 442k was expected by the market participants.