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Waitng For The US GDP Data

|Includes:iPath EUR/USD Exchange Rate ETN (ERO), GBB

Today as the euro and sterling make yet more gains on the US dollar we wait for the GDP data this afternoon. Recent mumblings indicate that we should not to expect too much...

The euro continues to push higher against the US dollar as optimism continues to spread throughout Europe following the release of numerous corporate earnings yesterday, all surpassing market expectation. Additionally, the narrowing of Euro zone sovereign debt spreads over recent days has boosted the single currency.

In othe euor trading news and added to this are the improvements in Germany's unemployment data. For 13 months, the German unemployment rate has dropped consistently which has taken the level of unemployment back to 7.6%, its lowest level since Nov 2008. Yesterday we also saw German CPI which showed inflation coming out slightly higher than expected with inflation rising to 1.2% Y/Y in July from 0.9% in June.

Today is a matter of wait and see...

Currency Market Updates

Disclosure: long euro
Stocks: ERO, GBB