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Markets

Euro slips to session low after US GDP data

EUR/USD down 34 pips on the day

The euro initially climbed on the small miss in second quarter US GDP revisions but it quickly gave back the gains and slipped to a session low at 1.1157.

Trading will thin out as US traders head out early for the Memorial Day long weekend. The focus is on a speech from Yellen at 1715 GMT (1:15 pm ET).

In EUR/USD trading, there is talk of dollar demand ahead of the weekend. Technically, the latest dip falls below the durable goods orders blip yesterday. There are bids near 1.1150 that will be a good test for the bears.

If those give way, watch for a test of the weekly low of 1.1129.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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