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Dollar Loses Ground Ahead of U.S. GDP Report

Posted by Forexhound on September 30th, 2010

Today, many of the major players were absent ahead of Thursday’s U.S. GDP report. This report should be a market mover. The preliminary guess is for a growth rate of 1.6%.

Despite a disappointing U.S. jobs report, the USD CAD is trading sharply higher due to an unexpected decline in the Canadian jobs market. The news out of Canada reflects its first job losses of the year.

The U.S. Dollar finished sharply lower on Friday following the release of a U.S. Non-Farm Payrolls Report which showed the economy lost 85,000 jobs in December. This bearish number surprised traders who were looking for evidence that the U.S. economy stopped losing jobs in December.

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