eToro – Forex Trading Forum

[BlueinGreen]

hi all,

Yesterday's U.S Gross Domestic Product ( GDP) figures turned out to be better than expected.
( actual 3.3% while the forecast was 2.6%).
As a result triggering some dollar buying at the time of the release.
This is good news for U.S and not the only good news we had this week , however the market is still reluctant to push the dollar significantly higher so far.

it seem that after a considerable drop in the value of the EUR against the dollar for last few weeks, we are now caught up in a price range once again ( that is – as long as this 1.49 – 1.46 range is still holding).

I thing that the situation with the EURUSD right now is that many traders do want to short it , but just not at these levels. I think that most of them are waiting for a return back to 1.5 in order to renew their selling positions, but some of them are waiting for the last range to break, in order to do so.

generally the overall sentiment on the dollar remains bullish for now.

Todays main events

1:30pm CAD GDP m/m Forecast 0.1% Previous -0.1%

1:30pm USD Personal Spending m/m Forecast 0.2% Previous 0.6%


Personal Spending = Measures the total amount spent by consumers on goods and services. A rising trend has a positive effect on the nation's currency because consumer spending is a major driver of the economy, accounting for about two-thirds of GDP.

Happy Trading