Yesterday, the greenback saw bullish trends against most of its major counterparts following positive economic news from the U.S. The EUR\USD was traded as low as 1.5620. The USD was also bullish against the rest of the major currencies. The greenback's daily momentum was driven by the better than forecasted Core Durable Goods Orders and general Durable Goods Orders, as both beat forecasts by at least 1%.
The USD's bullish trend yesterday quickly developed after the news announcements regarding the Durable Goods Orders. Experts predicted the... ( read more )
Archive for May, 2008
May 28, 2008 - Durable Goods On Tap – High Volatility Expected
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Yesterday, the greenback saw bullish trends against most of its major counterparts. The EUR\USD went as low as 1.5670, gaining additional 90 pips vs. the EUR. Accordingly, the USD gained against the rest of the major currencies. A large portion of data was delivered yesterday from the US markets. The National Home Price Index decreased by 14.4% to the 172.12 level concluding a 15 straight months of yearly declines. However, the New Home Sales report reflected a 3.3% increase, from 509K on March to 526K on April. The report also showed that the ... ( read more )
May 27, 2008 - US New Home Sales On Tap
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Yesterday was a relatively volatile session for greenback pairs. Because of Memorial Day in the US, banks remained closed during the day, and as a result an extremely low volume was observed within USD trading. The EUR\USD saw volatile behavior from the beginning of the trading week until the end of the day yesterday, as well as the USD\JPY. The GBP\USD started the day with bearish momentum, dropping as low as 1.9768, but than made a reversal and rose back up to 1.9825. In observance of Memorial Day no data was released yesterday from the US re... ( read more )
May 26, 2008 - Low Liquidity Due to Memorial Day.
Last week, rising Crude Oil prices highlighted a series of events that led to the third consecutive week of Dollar bearishness in the Forex market. The greenback spent the backend of April into the first week of May recovering strongly versus a basket of its most rivaled currencies. The most notable turnaround was a 4% gain against the EUR. These gains were made in large part by positive US economic data which revived investor confidence in the U.S. currency. Unfortunately, the US economy failed to produce the same set of news in the second hal... ( read more )
May 22, 2008 - Crude Oil Soars Again
Yesterday the greenback was bearish against its rival currencies, continuing its decline from the beginning of the week. Throughout the trading day, the EUR\USD was being traded just under 1.5800, the GBP\USD reached 1.9730 and the USD\JPY declined to under 103.00. Following the previous day highlighted by the lower than forecasted PPI, yesterday the greenback was greatly affected by the announcement of -5.4M Crude Oil Inventories and hawkish comments from the FOMC meeting. Crude Oil has reached an all time high this week and its bullish surge ... ( read more )