The Dollar gained versus most majors after better than expected GDP report, which showed growth of 5.7% versus 4.7% expected. Signs of strong economic growth raised speculations the Fed will increase interest rates sooner. NASDAQ and Dow Jones declined by -1.45% and -0.52% respectively as stocks continued to selloff, ending 3 weeks straight of declines. Crude Oil dropped by -1.36% closing at 72.89$ a barrel and Gold (XAU) weakened by -0.45% closing at 1080.90$ an ounce. Today, ISM Manufacturing PMI is expected stronger with 55.5 versus 54.9. Treasury Secretary Geithner will testify on the fiscal 2011 budget.
Join the Discussion