US Economy Show signs of growth as greenback falls:
Friday, October 30, 2009, 07:10 GMT
Dollar (USD) continues on a further downward slide as stock markets rallied as a result of the positive GDP numbers for the US. Wall Street was high on positive sentiments after yesterday’s trade, when the US GDP data which was released showed DWIA gaining 200 points and S&P rising by over 2.25%, the most promising day in over a month. According to the US Commerce Department, US economy showed a growth of 3.5% in the third quarter after it had shrank in the last four periods. There is optimism that US growth will fasten the global economic recovery.
It resulted in the fall of the dollar across the board as it fell against 14 of its 16 most-traded counterparts as investors increased their risk appetite. Greenback rose only against the YEN. Greenback fell in the 4th consecutive month against the Euro. Noticeably, this is the longest stretch since early 2004. The dollar is currently trading at 1.4835 0550 GMT from a close of 1.4853 yesterday.
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