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The U.S. dollar generally lost ground to most of its major counterparts in yesterday’s trading although it was able to limit its losses during the U.S. session.
The U.S. will print its Q1 2013 GDP reading in today’s U.S. session and the report is slated to show 3.0% economic growth for the quarter, higher than the previous reading of 0.4%.
USD
The U.S. dollar lost a bit of ground to its major counterparts in yesterday’s trading as the U.S. durable goods orders data missed expectations.
On its 1-hour time frame, GBP/USD is testing the falling trend line connecting its recent highs from the second week of April. On top of that, the pair is also stalling around the 1.5300 major psychological level.
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The U.S. dollar reigned supreme against most of its counterparts, particularly the euro and the Australian dollar, as risk aversion stayed in the markets in yesterday’s trading sessions.
EUR/USD is currently testing the 1.3000 major psychological area, as the path of least resistance is downwards.
The recent risk-off market environment has pushed AUD/USD down from the top of the long-term range around 1.0600 towards the bottom.
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The U.S. dollar seems to be benefitting from the risk rallies these days as most major economies have been showing signs of a slowdown.
A potential reversal is looming on GBP/USD as the pair formed a complex head and shoulders pattern on the 4-hour time frame.
USD
The U.S. dollar regained ground against most of its counterparts on Monday even though they printed weak economic data.