Tech talk: Euro bulls ride to 2009 high?

摘要

A day after the U.S. Commerce Department released its initial Gross Domestic Product (GDP) figures for the second quarter, the September euro currency rallied 177 tics to 1.4250 trying once again to test the 2009 high of 1.4327 of June 3. Yes, the initial GDP figures showed a better than forecast drop of 1%, but traders focused on the decline in consumer spending of 1.2% from the previous quarter's increase of 0.6%. Why? Without support from the consumer, the likelihood of a strong recovery diminishes greatly, hence the retracement in the dollar. Comments from the International Monetary Fund stating they believed the dollar was "moderately overvalued" added to the increase in selling pressure.