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The final read of GDP for the fourth quarter of 2012 showed a growth rate of 0.4%. Final GDP was expected to show an upwards revision from +0.1% to +0.5%. Jobless claims were expected to tick to 340K but it disappointed by leaping to 357K, after a few positive weeks. The 4 week moving average stands at 343K.

The disappointing US data from today joins weak data seen earlier this week, and comes in contrast to positive figures seen for a long time.

US Core PCE rose by 1% instead of 0.9% that was expected.

EUR/USD traded higher before the news, as banks reopened in Cyprus and so far it is going well. The pair is still looking for a direction. Also the situation in Italy looms.

Canadian GDP was expected to rise by 0.1% in January after a drop of 0.2% in December. It exceeded expectations and rose by 0.2%.

Further reading:  Driving through quarter end