Thursday, 29 Apr 2010

Euro Slowly Climbing Back From 1-Year Lows Against USD

Following yesterday's severe marketplace losses, the Euro was able to modestly climb back in trading today against its major currency rivals. Bolstered by news that a final plan to handle the Greek debt crisis will be unveiled in the next few days, the single currency was able to advance, albeit slightly, on the U.S. Dollar. Additionally, better then expected German employment data was able to boost investor confidence in the Euro-zone economies. EUR/USD is currently trading around the 1.3250 level, up almost 50 pips from this time last night.

Tomorrow, traders will want to pay attention to the U.S. Advance GDP Report, set to be released at 12:30 GMT. The report, released quarterly, is forecasted to show a drop in GDP compared to last January's reading. If this is indeed true, the Dollar could see some substantial losses as the week comes to a close. Traders can expect riskier currencies like the Aussie, Kiwi and Canadian Dollar to benefit from a disappointing U.S. GDP reading.