Euro enjoyed a late rally to post marginal gains against the dollar and is up over 1.50 today

Having held onto gains through most of the European and US sessions, the dollar slipped back late in the day to close marginally down on the euro.

• The greenback found support after data revealed the US economy had not expanded by as much as had been previously estimated, with its GDP figure revised downward to 2.8%.
  
• A wider trade deficit and lower nonresidential business investments contributed to the lower third-quarter GDP number.
  
• Risk appetite was also dented by concerns over the global banking industry. In China, there were reports that a number of banks would be forced to raise capital. In Germany, state-backed lender WestLB searched for funds to help unload toxic assets from its books.
  
• The euro recouped some of its losses though as a key measure of German business sentiment beat forecasts, triggering optimism the eurozone's biggest economy is recovering at a healthy rate.
  
• Additionally, a strong US consumer confidence survey figure encouraged investors to take up risk trades, buoying demand for the single currency.
  
• In the late evening, further pressure was mounted on the dollar after the Federal Reserve said it expected a slow recovery with high unemployment, affirming expectations it will keep rates low for some time.