Yesterday the USD saw bullish momentum against all of its currency pairs. The USD's value was boosted by Fed Chairman, Bernake's hawkish speech and the better than expected Factory Orders, which were released at 1.1% compared with the 0% forecast. Against the EUR, the USD's positive trend caused the pair to cross the 1.5500 range and trade at around 1.5450 after Bernake's speech.
In Bernake's speech held yesterday at the International Monetary Conference in Barcelona, he mentioned the greenback's negative trend in the Forex market. Bernake r... ( read more )
Archive for June, 2008
June 3, 2008 - Bernanke Speaks Today
Yesterday the greenback experimented with high volatility as it opened the trading day with a bullish trend against the Euro after the release of the ISM Manufacturing Index saw a positive improvement of 49.6 in May. The Manufacturing indices sent the EUR/USD pair down to as low as 1.5487 from 1.5513. However the USD rally didn't last much longer as several hours later the Euro experienced some relief and eventually saw full recovery from it losses against the greenback. The EUR/USD hit a session high of 1.5590 when rating agency Standard & Poo... ( read more )
June 2, 2008 - ISM Manufacturing On Tap
A batch of disappointing economic data left the greenback in bearish territory on Friday to end what had been a positive week for the USD. Amidst an already shaky US economic outlook, personal consumer spending indices showed a slowdown in April as both income and spending numbers came in at 0.2%. The drop in consumption numbers left some investors worried that the US is a long way from the recovery that has been mentioned for the last month or so. Combined with rising food and oil prices, and the abysmal housing market, a poor showing from the... ( read more )