Estimated Gross Domestic Product was released earlier today in the U.S, lower than expected. GDP was reported at 1.3% in the second quarter of 2011, lower than forecasted 1.7%. First quarter Gross Domestic Product was revised at 0.4%.
On GDP news, the EUR/USD saw big movement. In the first few minutes of the GDP release, the Euro stumped down against the Dollar turning back from 1.4256 to 1.4241 briefly. After the very brief downside the Euro picked up pace and shot over the pairs high of 1.4362 to point at 1.4284 in less than one hour.
Currently, the pair is trading lower at 1.4266.
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