The Dollar is trading slightly better as traders await this
3rd Quarter GDP Report.The report is
expected to show a decrease from the previous estimate.Previously the report showed an increase of
3.5% which some economists thought was too high.Todayâ€™s report is expected to show growth of
2.8%.A wider trade gap and weak retail
sales are expected to weigh on GDP performance.
The Forex markets are reversing yesterdayâ€™s gains.Risk aversion seems to be back in the market
as higher yielding assets are feeling downside pressure.Thin volume in this holiday shortened weak is
contributing to the weakness in foreign currencies along with liquidation ahead
of the U.S. Thanksgiving holiday.
The EUR USD is trading slightly better while the Dollar is
strengthening versus all others.The
Euro is up because German business confidence increased more than economists
forecast to a 15-month high in November.
This report suggests that the German economy may start to
show some solid gains next year.Manufacturers are replenishing inventories and exports are
expanding.This is good news because
many investors thought the Euro Zone exports would show a decline after the
rise to $1.5000 in the Euro.All of this
news points toward expansion during the fourth quarter.
Skeptics still believe the economy is poised to weaken
further.They attribute the gains in the
economy to government stimulus.Many
think the economy will falter once stimulus measures are removed.They cite the possibility of weaker consumer
spending and slower exports as the main reasons why the economy will struggle
in the future.The main reason for the
decline in exports will be the high priced Euro.
Traders could be facing a choppy, two-side trade today ahead
of the U.S.
holiday.Volatility may be muted once
the U.S. GDP Report is released.
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