The Dollar and Yen continue their decline against the EUR and other higher yielding currencies ahead of the U.S GDP report due to be released today at 12:30 GMT. The report is forecasted to show that the contraction in the U.S economy slowed this quarter. Earlier today the Dollar was trading at $1.4112 per EUR from $1.4075 yesterday, and was at 95.60 Yen from 95.56 Yen Thursday.
The Pound has been appreciating today against the Dollar after a U.K report showed Consumer Confidence held at the highest level since 2008, reinforcing the belief Britain's recovery from the recession is imminent. The Pound rose to $1.6541 from $1.6493, also strengthening to 85.20 pence per EUR, from 85.31 pence yesterday.
The Japanese currency weakened to 134.94 against the EUR, from 134.49 late Thursday. The Yen fell versus 15 of its 16 major counterparts this week as global stock markets reached record levels for the year, helped by better than estimated results from companies including Sony Corp. and Motorola Inc.
The U.S market opens today with the release of the GDP results at 12:30 GMT. This will likely set the tone for today's trading as well as the beginning of next week. Traders should also follow the release of the Chicago PMI at 13:45 GMT as this will likely intensify any trend and adding to market volatility.
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