Yesterday's most important economic news was the 11% rise in new U.S. home sales. The result is likely to dominate forex trading today ahead of the CB Consumer Confidence figures coming out at 14:00 GMT.
The USD's mid-day gains yesterday leveled off towards the end of trading against
the EUR, as the EUR/USD closed just above the 1.4250 level. Additionally, about $1 of Crude Oil's gains was wiped out due to the Dollar's renewed strength in late trading yesterday.
10:00 GMT: GBP – CBI Realized Sales
· A lead... ( read more )
Archive for July, 2009
July 27, 2009 - The Greenback Depreciates, Crude Oil Goes to 69$
[caption id="attachment_1767" align="alignleft" width="128" caption="The NYMEX"][/caption]
The rally in global stock markets has led to a sell-off of the safe haven currencies and pushed investors to higher riskier assets as many see the global recession coming to an end. The encouraging global economic data has also been helping push Crude Oil to the $69 price level.
The steady improvement to risk appetite over the previous week has helped push the EUR/USD above 1.4200 at the start of this week's trading. While the greenback has been tra... ( read more )
July 24, 2009 - Bernanke and Geithner Testimony’s Will Set the Pac...
[caption id="attachment_1761" align="alignleft" width="128" caption="USD Weakens"][/caption]
The USD is set for another volatile action-packed trading day as this weeks' trading comes to a close. The Dollar saw sharp moves against the EUR, GBP and JPY yesterday. This type of behavior is set to continue today as vital economic news is set to come out of the U.S. The economic events that are set to lead the forex market are the publication of U.S. Revised UoM Consumer Sentiment at 13:55 GMT, Federal Reserve Chairman Ben Bernanke's Testimony and ... ( read more )
Crude Oil Makes A Strong Bullish Push
Forex traders have noticed the price of Crude Oil rise recently with the notable decline in value of the U.S. Dollar. Analysts forecast that as the U.S. economy continues to consolidate in the near future, investors may continue to pour their money into Crude Oil, as they see this commodity as the key market mover in the coming months. In any case, it is likely that by September, Crude prices will be $5 away from the current $65.50 market level that it is today.
Here is a great video about this issue:
July 23, 2009 - The Rally of Equities Dominates The USD Trading
[caption id="attachment_1750" align="alignleft" width="293" caption="US Stock Market Rallies"][/caption]
Witnessing a steady decline during yesterday's trading sessions, the USD became weakened as traders unwound their Dollar buy positions in exchange for riskier assets, such as stocks. The global stock market rally seen yesterday may have been one of the leading causes of the Dollar's depreciation. With recent market optimism, traders may continue to see a small downward trend in the U.S. Dollar, as its positions are unwound in exchange for h... ( read more )