USD Dollar (USD), Daily Review, Feb 1 2010

By IBTimes Staff Reporter | February 01 2010 4:52 AM

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.

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