EUR/USD at 1.1164. US GDP grew 1.4%.

EUR/USD was fluctuating in a range of 1.1147-1.1180 throughout the day. As of 6:00 PM EDT the pair was trading at 1.1164, which is just 0.13% lower than the previous close. The pair has lost almost 1% during this week.

Barclays Capital provided technical setups for major currency pairs yesterday. According to the analysts a move below the initial targets of 1.1145 for EUR/USD would support their bearish outlook. The next targets for this pair are set in the 1.1055 area.

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US markets are closed today on Good Friday holiday. Below is presented the weekly performance of major indices:

  • DJIA was down 0.5% for the week.
  • Nasdaq Composite lost 0.45%
  • S&P 500 declined 0.69%.

The US Commerce Department announced today the GDP results for the fourth quarter. According to the report the Gross domestic product rose at a 1.4% annual rate, which is higher than the previously reported figure of 1%. The largest part of US economic activity, the Consumer spending increased by 2.4%, instead of previously reported 2%.

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“The consumer is back in the driver’s seat. There is no sign of recession in these data, so this will put a smile on Fed officials’ faces and argues for their policy of gradual interest-rate normalization to continue,” said Chris Rupkey from MUFG Union Bank.

US Fed kept its interest rates unchanged at its latest meeting and announced its decision to cut the number of interest rate hikes from 4 to 2 this year.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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