We will be anxiously waiting today for the preliminary reading for the 4th quarter GDP in the United States, it is expected that the economy grew by 0.8% in the last three months of 2008, revised from the advanced reading released last month of 0.6%, yet still less than the expectations of a 1% growth in the 4th quarter that was before the advanced release.

The equation for growth that starts from the income, passing to spending and sales, moving to inventories and production, then stimulates or deflate employment, every item in the circle has considerably declined lately, more and above the housing market is keep falling endlessly, and consumer confidence is hitting 15 years low, yet trade deficit has narrowed a little bit more than the estimations that was in the advanced GDP reading, that's why the revision is expected to be towards the upside.

The U.S. dollar is just at rock bottom with such data, and yesterday's comments from Mr. Bernanke hinted for more rate cuts in the economy, and nobody knows where this wave is going and for how long, and today he is going to continue the and complete the scenario, and no one for the dollar rescue.

The gross domestic product in the united states is considered one of the most important readings nowadays, it shows exactly what does the housing slump and the credit crunch did to the economy, and any deviations from the expectations will be well received and it will be a major market mover that’s for sure, so we have to keep our eyes widely open.

The dollar declined against the Euro and the Japanese yen, yet gained a bit against the British pound, but all in all, with those new levels for the European currency reaching above 1.51 levels, we don’t expect the undergoing trend to stop anytime soon…