Forex | Forex | Less Contraction in U.S. Economy Sinks Dollar (31/07/2009 17:45:32)

Less Contraction in U.S. Economy Sinks Dollar

The U.S. Dollar is getting hit hard at the midsession. Traders are selling the Dollar after the government reported a lower than estimated decline in 2nd Quarter GDP. Today’s number suggests that the U.S. economy is closer to a recovery. This is triggering greater demand for higher yielding, higher risk assets. The GBP USD is the big gainer today. A spike through 1.6585 turned the main trend to up on the daily chart and triggered a breakout rally. Currently this currency pair is in a position


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