The Greenback saw mixed results yesterday against its major currency rivals as the absence of any fundamental data left the USD movement in the hands of market speculators. The USD began the day bearish inching every so close to record lows against the EUR before it rebounded after U.S. Treasury Secretary Henry Paulson announced a rescue plan with tighter mortgage regulations for the failing mortgage lending giants Freddie Mac and Fannie Mae. The EUR/USD fell from 1.5961 to 1.5864 during the short period after that, hitting daily lows near 1.58... ( read more )
Posts Tagged with ‘currency trading’
July 14, 2008 - The Greenback Goes Bear Again
During the previous week the greenback underwent a volatile session against its major currency rivals, which ended with a sharp bearish momentum.
The USD began last week with some unfavorable news, as the Pending Home Sales index fell by 4.7% in May. However, a batch of subsequently positive data contributed to the Dollar's volatility. The U.S unemployment Claims dropped from 404K to 346K. The Trade Balance showed that the U.S deficit has fallen by 1.2% from -60.5B to -59.8B, and the Prelim University of Michigan Consumer Sentiment had sligh... ( read more )
July 11, 2008 - US Trade Balance On Tap
Yesterday, The Greenback experienced mixed results versus a basket of its currency rivals. Despite a notable fall in initial jobless claims, which descended to 346k in the week ending in July 5, from 404k the previous week. Thursday, the U.S. dollar fell to a one-week low versus the euro and slipped against the yen as well during morning trading in New York.
In the beginning of the trading session, the favorable data of the U.S jobless claims helped the USD sustain gains. The Dollar vs. EUR descended to 1.5699 from 1.5710 and against the Ye... ( read more )
July 9, 2008 - Crude Oil Invetories On Tap
Yesterday, the greenback rallied against most of its currency pair rivals. The USD gained close to 100 pips against the EUR, and saw bullish trends against the JPY and the GBP as well.
One of the main contributors to the USD's rising trends was a speech given by Federal Reserve Chairman Ben Bernanke yesterday, in which he stated that the Fed may extend its emergency-loan program for securities firms into next year. By saying so, Bernanke calmed the markets, almost reassuring market players that the Fed will be there in case any problem occur... ( read more )
July 8, 2008 - Crude Oil Drops to 141.00$
The USD saw a bearish trading session yesterday. Although no impactful economic data was released, the USD was mostly affected by speculations. Impacting the greenback was the wary economic outlook from a Federal Reserve official and the possibility of more financial troubles of the Federal National Mortgage Association commonly known as Fannie Mae and Freddie Mac - the largest corporate funder in Washington. The USD lost value against its major crosses, most notably vs. the EUR as the cross was once again being traded at above the 1.57 range.
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