Last week was a very good week for the US dollar as it continued its appreciation for the fourth straight week. During the previous week, the most notable gain came against its European counterpart as the oft-traded EUR/USD lost 360 pips by weeks end and close at 1.4675. In addition, the USD posed quite a remarkable appreciation vs. the GBP last week. The dollar gained almost 550 pips bringing the British Pound to its lowest in almost a year.
More remarkable then the numbers was the reason behind the movement, as results from last week's US... ( read more )
Posts Tagged with ‘Crude Oil’
August 15, 2008 - The Greenback’s Rally Continues
The USD continued it recent ascent yesterday versus most of the major currencies. The dollar reached a five and a half month high of 1.4776 against the Euro. A stronger than expected rise in Core CPI was a main catalyst in yesterday's bullishness as it rose 0.3% in the month of June. CPI also came in higher than the expected rise of 0.4% at 0.8%. In addition, Federal Open Market Committee (FOMC) Member Stern added some hawkish comments when he estimated that the US economy will improve in the short term. The Natural Gas Storage indicator came i... ( read more )
August 14, 2008 - US CPI On Tap
The USD completed yesterday's trading session with mixed results versus its major rival currencies. During the first half of the day, the U.S. dollar eased versus the euro and the yen after government reports showed that Retail Sales fell 0.1% in July, below the 0.5% expected by analysts. The greenback retreated from earlier gains after concerns over gasoline supply following a U.S. inventory report showed that crude stockpiles and refined product supplies fell last week, declining to its lowest levels since last 10 years.
Following this rep... ( read more )
August 13, 2008 - US Retail Sales on Tap
The greenback completed yesterday's trading session with mixed results versus the major currencies. The USD fell against the euro yesterday for the first time in five days, pushing the oft traded currency pair to 1.4911. The dollar experienced similar behavior against the JPY as the pair dropped from 110.27 to 109.12 by days end. The USD did see bullishness as well as it over 100 points against The GPB and closed at 1.8955.
Yesterday, government reports showed that the U.S. trade balance for June had narrowed its deficit to 56.8B, 3 billion... ( read more )
August 8, 2008 - The Greenback Soars
The USD underwent a bullish trading session yesterday, as it appreciated against all of its major currency rivals. The dollar rose 0.5% and closed under 1.5320 versus the euro in yesterday's trading session. Also, the USD saw steady gains against the GBP and CHF. The greenback saw significant bullishness yesterday as the Pending Home Sales beat our forecasts which showed an expected rise of 1%. Instead, the indicator rose 5.3% and added to another day of surprising US economic data supporting the USD. The indicator was also the first real sign ... ( read more )