The euro weakened slightly against the dollar yesterday following US Secretary Timothy Geithner’s comments that the dollar remains strong and will continue to be the global reserve currency. Geithner stated that he rejected the idea of a new global currency, a suggestion made recently by the head of China's central bank.
A German consumer sentiment survey fell slightly yesterday, the first drop since October. In the US, it was announced that Gross Domestic Product and Initial Jobless Claims data was better than anticipated, despite an increase in continuing jobless claims. Nevertheless trading remained fairly flat as investors are awaiting the eagerly anticipated ECB interest rate decision, due next Thursday, where the ECB are expected to announce a further interest rate cut.
There are several significant announcements taking place in the US today, including Core Personal Consumption Expenditure, Personal Income and Personal Spending.
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