Daily FX Update

Not much was going on in the EUR/USD today, as traders took a rest after last week’s bullish trade for the popular currency pair. A bleak outlook for the US economy was highlighted by Friday’s weak 3rd quarter estimated GDP figures. The annualized growth rate of 1.6% was the weakest performance in nearly 3 years. EUR/USD broke through strong resistance at 1.2750 after the report as traders continue to punish the Greenback. Trading volume was light as market participants await this Friday’s release of US Non-farm payrolls for October.