US GDP Surges Higher taking Greenback for the ride |
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US GDP Surges Higher taking Greenback for the ride U.S. Dollar Trading (USD) traded near week lows as Oil surged above $120 a barrel on Hurricane Gustav fears, pre US data. US GDP Data took the markets by surprise with a staggering 3.3% Q2 y/y rate. Forecasts had called for a solid 2.7% up from 1.9% in Q1. Government stimulus and surging exports were the main causes for the unexpected bounce which resulted in strong US stocks and Dollar. Oil fell off highs but markets are wary of another rally
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