U.S. GDP Revised Lower, Bank Regulation Passes House and Senate
by Trader Rich
U.S. dollar higher in forex trading
It’s been an interesting morning so far. The U.S. GDP was revised lower for Quarter 1 of 2010. Originally, the estimate had been for 3% growth in the first quarter, but the new numbers suggest that the economy only grew 2.7%.
On top of that, the House and Senate agreed on bank reform, enacting sweeping regulation on a scale not seen since the Great Depression. The legislation address capital, leverage and derivatives, as well as speculative trading. On top of that, a consumer protection agency has been created.
This news, along with continued debt fears in Europe as a G-20 summit gets underway in Toronto, has some wondering about the health of the global recovery from this recession. As this uncertainty sets in, so does risk aversion. The U.S. dollar is moving higher in forex trading against the euro.
- U.S. Dollar Forex Trading
Forex trading on the currency market