Yesterday, the greenback saw mainly volatile sessions against its currency counterparts. After the significant appreciation the USD went through on Tuesday, it managed to preserve its relatively high rates.
The USD kicked off yesterday's trading session with an unexpected boost, as Automatic Data Processing announced that July's Nonfarm Employment Change report showed a gain of 9,000 jobs in the private sector, well above expectations for a loss of 58,000 jobs. The USD then rose to a 4 week high against the EUR, as the EUR/USD dropped to 1.... ( read more )
Archive for July, 2008
ADP Nonfarm Payrolls on Tap
Yesterday was an amazing trading day for the USD. The USD saw bullish trends against all its currency counterparts. The increase in the greenback's value was most notable against the EUR as the cross feel from above 1.57 to under 1.56 and against the GBP as the cross fell from the midd 1.99's to under 1.98. The Dollar's rally was sparked by the better than expected S&P/CS HPI Composite-20 and Consumer Confidence Index. Simultaneously, the Crude Oil prices fell sharply, which also helped the USD gain strength.
The two economic releases that w... ( read more )
July 22, 2008 - The Greenback Goes Bearish Again
Yesterday was a day of falling trends for the greenback. The USD lost close to 100 pips against the EUR, establishing the EUR\USD around 1.5920. The USD experienced a similar scenario against the GBP as the pair rose from 1.9940 up to 2.0040.
As no significant U.S data was published since the beginning of the trading week, the USD mainly fell as a result of poor analyst forecasts for the upcoming leading indicators later this week. Forecasts this week show that both the Existing Home Sales and the New Home Sales are expected to decline from... ( read more )
Crude Oil Continues to Drop
When glancing back at a weekly chart several months from now, one will look at the change in the market last week and consider it a normal one. The greenback ended the trading week last week virtually unchanged against its major rivals from the levels it began the week with. A closer look into last week's trading however will show a much different picture. The greenback saw record lows against the EUR crossing 1.6035 before regaining nearly 200 pips to close the week. The same was the case for the USD/JPY shooting back up to over 106 after f... ( read more )
July 18, 2008 - Range Trading Continues
Yesterday the greenback regained much needed points against its major currency rivals, amidst another day of falling Crude Oil prices. During mid-day trading, prices for Light Sweet Crude Oil dropped to 6 week lows below $130 per barrel and sparked a renewal in USD bullishness. USD/JPY which began the day just under 105 grew to as high as 107.05 mid-day before settling just below 160.50. Against the GBP and the EUR, the greenback was hoping to pick up more ground but instead it mostly range traded throughout the day, since the bulk of US news d... ( read more )