Overnight Asia/Europe • USD two-way, firms into New York • Traders note volumes lighter • Overseas data positive for the majors Today's Economic Reports All times EASTERN (-5 GMT) • 8:30am USD Prelim GDP q/q 0.9% • 8:30am USD Prelim

The Dollar rose broadly on Wednesday as a better-than-expected report on US durable goods orders for April bolstered the view the Federal Reserve may keep interest rates on hold or even raise them by year-end. Demand for the greenback also

The second, or preliminary, estimate of first-quarter GDP growth indicated a slight upward revision to economic growth to an annualized 0.9% from the first, or advance, estimate of 0.6%. The upward revision was generally in line with market expectations. The

Canada's current account surplus was C$5.6 billion in the first quarter, much larger than the revised C$778 million fourth-quarter surplus and about double the forecasted level. The fourth-quarter balance was revised up from a reported small deficit of C$513 million.

Ok seriously...at first the US was expected to show a worse reading then the advanced reading which came as a surprise; and now that was revised to the upside showing that they're still growing. The core remains growth as there

The Canadian GDP report is due out Friday which will provide measurements of growth for the month of March and the first quarter of 2008. Expectations are that the economy was flat for March and slowed in the first quarter

As expected, revisions to first quarter GDP increased to 0.9 percent from the advance reading of 0.6 percent. Improvements from the trade balance and nonresidential structures spending more than offset downward revisions to inventory investment. Data reported so far point

Data released in the U.S. today added to the growing consensus that the U.S. economy may have averted the technical definition of a recession in Q1 as Q1 GDP was upwardly revised to an annualized +0.9% rate from the previous

The USD maintained a firm footing against the majors throughout the trading session on Thursday. As reported during the early European session, currency dealers remained focused on hawkish comments from the Fed's Fisher after the NY close on Wednesday. Fisher

The sell-off brought the Euro into support zone below 1.5650 on yesterday. The decline is not over as the pair is currently testing support into the 1.5580 region. Although the daily charts look pretty bearish as the momentum favors downside

EURUSD Comment: Dropping to our first target at 1.5600 and bullish momentum has collapsed. This should allow for a drop to our next target at 1.5400, probably early next week.

EUR/USD The 1 hour chart is showing a stable and consistent downtrend corrective movement that shows no signs of stopping any time soon. The RSI is floating near the 50 level pointing to the continuation of the bearish movement. There

Euro witnessed a free fall in the yesterday's session on the back of weak trade balance data and strong US data as it fell by 150 pips to touch a low of 1.5609, however later gained some strength from the

The Pound continued to gain against the Yen yesterday but the pair still hasn't breached the critical level at 207.35 which if breached would open the way up to the 207.96 level, on intraday basis the pair might be able

The pre-planned buyers' positions from the key support range have been realized with attainment of main assumed targets. OsMA trend indicator having marked the break of key resistance range with activity parity of both parties does not bring in clearness

The European currency was able to complete its 50% correction yesterday 1.5620 and it still has a very major support at 1.5550s, and so far we don't see any good reason for the currency to continue sinking this way, the

In GBP/AUD we can monitor a strong bearish market since beginning of 2008. Expect for a small recovery in March the market went down the whole time. The market lost about 225 pips this year. Within the second strong down

EUR/USD The pair has set a local top at 1.5818 completing the rise from 1.5283. Technical indicators are neutral. The 50- day SMA is currently projected at 1.5631.

The British Pound descended significantly against the US Dollar today from 1.9822 to 1.9686, which are the first resistance and support levels respectively for the currency couple today. If the negative sentiment continues, next support is expected at 1.9620, followed

Euro's downward move yesterday reached the important support level of 1.5620-30, but the retracements that followed did not confirm its strength. The short term trend has turned bearish and reaching lower support levels is possible. The area of 1.5550-70 is