USD
The Conference Board's index of US consumer confidence for January came in at 110.3, modestly above market consensus expectations of 110.0. December's Consumer Confidence was upwardly revised to 110.0 from the previously reported 109.0. The report continues showing a strong divergence between consumers' perception of the present situation and the expectations component. While the first rose to 133.9 from the previous 130.5 reading, the later dropped 1.8 points to 96.3. Yesterday we mentioned that despite the significance of the report an... ( read more )
Archive for January, 2007
January 30, 2007 - Daily Forex Analysis
USD
Yesterday's US economic calendar was devoid of any meaningful events, and nonetheless the USD devaluated against most counterparts, a devaluation that was mainly prompted by a sharp drop in oil and energy prices. The USD thus gave back some of the gains it had made the previous week and returned to trading above the 1.2950 level against the EUR and 1.96 level against the GBP. This, however, signals no more than a repositioning for dollar traders, ahead of this week's tons of data USD traders await tomorrow's GDP and Fed interest rate dec... ( read more )
January 29, 2007 - Daily Forex Analysis
USD
The data released on Friday, which bent expectations did not suffice, to boost the USD much. US Durable Goods Orders rose 3.1% MoM in December on consensus expectations of 3.0%, while orders ex-transportation rose 2.3% MoM on expectations of 0.5%. Underscoring these results was an upward revision to the prior month reading. On a yearly basis, durable goods have risen 2.0%, while orders ex transportation are up 3.5% and orders ex-defense are up 0.4%. An hour and a half later, New Home Sales came at 1.12 mln, beating expectations for a 1.0... ( read more )
January 26, 2007 - Daily Forex Analysis
USD
The last week was rather calm for the USD, after it has been floating around on a relatively tight 120 pip range against the EUR. Last week was very light in economic news, and the only figure that shock the market a bit was the BOE minutes. As for today we are expecting the most important figure for that slim week - Durable Good Orders (13:30 GMT). Durable Goods measures the total value of new purchase orders placed with domestic manufacturers for hard goods with a life expectancy of more than 3 years, such as automobiles, computers, ap... ( read more )
January 25, 2007 - Daily Forex Analysis
USD
Yesterday's US calendar was rather empty, and except for business oil inventories data, there were no important releases. This lack of events proved to be dollar positive actually, as it allowed the currency to gain back some of the losses it had built up during the last several trading days, benefiting from its counterparts weakness. The USD made its biggest gains against the GBP where it gained 180 pips and marked a weekly low at 1.9660 on the back of less hawkish Bank of England Minutes. It also strengthened 130 pips against the AUD t... ( read more )