FXStreet (San Francisco) - The United States posted its best quarter on quarter growth performance since the Q3 2013 after publishing an upbeat 4.0% in Q2. In addition, Q1 data was revised up to -2.1% from the awful -2.9% previously published.

Then the US Dollar rallied across the board reaching new highs against its major competitors; however the Greenback finished the day off of highs as the Federal Reserve extended taper and it cut it bond buying program by another $10 Bn and Fed's Yellen used a dovish tone.

The EUR/USD declined for second day as the pair fell to 8-month lows at 1.3365 where the pair found buying interest and it returned to 1.3400. Currently, EUR/USD is trading at 1.3395, down 0.10% on the day, having posted a daily high at 1.3416 and low at 1.3367.

"Overall, the downside remains favored, with a break below the daily low exposing 1.3295, November 2013 monthly low," points out Valeria Bednarik from FXStreet in a recent report.

The GBP/USD continues to decline and after posted its tenth negative day of the last eleventh, the pair priced at sub 1.69 levels. Cable is finishing the day at 1.6916, down 0.16% on the day, having posted a daily high at 1.6957 and low at 1.6889.

USD/JPY was the biggest winner of the day as it jumped to test 103.00 level; pair logged its eighth positive day in the last ninth and now it is closing at 102.80, up 0.67% on the day, having posted a daily high at 103.10 and low at 102.04.

Main headlines in the American session

US: ADP Employment Change (Jul) at 218K

US: GDP expanded 4.0% YoY in Q2

Fed cuts another $10 Bn; removes reference to unemployment rate being elevate

Wall Street finishes mixed amid GDP and Fed

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center