The USD underwent a bullish trading session yesterday, as it appreciated against all of its major currency rivals. The dollar rose 0.1% and closed at around 1.4710 versus the Euro in yesterday's trading session. Also, the USD saw steady gains against the GBP and CHF.
The greenback saw gains yesterday as Preliminary GDP figures beat out already positive forecasts which showed an expected rise of 2.6%. Instead, the indicator rose 3.3% and added to another day of surprising US economic data supporting the USD. In addition, a rally in U.S. stock... ( read more )
Archive for August, 2008
August 28, 2008 - US GDP might Take the USD Down
The greenback saw mixed results versus its rival counterparts during yesterday's trading session. The USD initially retreated from recent highs against a basket of rival currencies caused mainly by a rise in Oil prices, as well as another round of concerns over the U.S. healthcare and banking system. The USD pared losses after a report showed that US Durable Goods Orders for July rose by 1.3% causing the USD climb against its counterparts immediately after the results were published. However, despite the positive release the USD continued its d... ( read more )
August 27, 2008 - Durable Goods Might Push The USD Further Up
Yesterday the greenback saw rising trends against most of its major currency counterparts, including a 6 month record against the EUR, and a two year high against the GBP. However, equal concerns on downside risks to growth and upside risks to inflation are keeping dollar activity restrained in the aftermath of yesterday's FOMC Minutes.
Two main reasons led to yesterday's dollar positive session. First was the batch of poor economic data from the Euro-Zone, especially regarding the German economy, which promptly weakened the EUR, and thus st... ( read more )
August 26, 2008 - New Home Sales On Tap
Intra-day gains in the dollar on a better-than-expected U.S. Existing Home Sales report tended to be short lived even though stabilization in the U.S. housing market is seen as critical to ending some of the concerns on the U.S. economy. The dollar finished yesterday's trading session with mixed results versus the major currencies while staying relatively unchanged against the EUR ultimately closing at 1.4709.
Still, lingering concerns on problems at U.S. mortgage finance companies Fannie Mae and Freddie Mac are keeping housing data at the ... ( read more )
August 25, 2008 - Existing Home Sales on Tap
Last week was a volatile trading week for the U.S. dollar and overall it saw mixed results with gains against most counterparts besides the EUR. During last week, there was a slight loss against the EUR while a lot of bullishness was seen against the GBP in particular during the end of the market week. With the Sterling's weak economic data releases including a fall in its GDP compared to previous figure, the USD took the cross down to the mid 1.85's. In terms of American economic news, there were more ups than downs with the major positive rel... ( read more )