Last week was a wild week for the US dollar as it experienced a hefty amount of volatility, before range trading to end the week's session. Early in the week the greenback traded at 1-year high's versus the Euro, hitting levels below 1.40. Much of the bullish dollar movement at the beginning of the week was attributed to a combination of positive response from the Fannie and Freddie bailout, falling oil prices and disappointing performance from the Euro-Zone. By weeks end, concern over the effects of Hurricane Ike on US oil supply/demand and a ... ( read more )
Posts Tagged with ‘currency’
September 11, 2008 - EURO-ZONE Growing Slower Than Expected
Yesterday, after a small setback the day before, the greenback bounced back to continue its appreciation against all major currency rivals. The dollar extended gains as it was also favored by the declining price of Crude Oil, climbing to a fresh one-year high versus a basket of rival currencies. Also helping the USD was the announcement of a reduction in the growth forecast (GDP) for the Euro-Zone, which was downgraded from 1.7% to 1.3% for this year. As a result, the EUR fell as low as 0.4% to 1.3951 reaching an 11-month low versus the USD. Ag... ( read more )
September 8, 2008 - USD’s Bullish Move returns
Last week, the USD went through a bullish trend against most of its currency counterparts. The greenback gained around 400 pips versus the EUR, trading at under 1.43 on Friday. The USD also saw big gains against the GBP and CHF. The USD did experience some bearishness against the JPY towards the end of the week, due worse than-forecasted economic data from the US against the JPY's positive momentum. The USD took advantage of its currency rivals' bearishness last week, as the EUR couldn't catch a break with a batch of bad economic releases. The ... ( read more )
September 5, 2008 - Nonfarm Payrolls On Tap
Yesterday, the greenback saw over 300 pips worth of gain against the EUR, as the cross dropped from a 1.4522 level at the beginning of the trading day, down to 1.4211 - making an 11 month low. The USD also continued its appreciation vs. the GBP; however this rally did not affect the USD\JPY pair, as the USD lost about 200 pips against the JPY.
The USD rose during yesterday's session despite some concerning data that was published from the U.S. economy. The Automatic Data Processing has announced a 33K drop forecast for the NonFarm Payrolls. ... ( read more )
September 4, 2008 - ADP Non-Farm Employment Change On Tap
The greenback saw mixed results during yesterday's trading session, and continued it advance against a basket of major currencies. Positive USD positions were supported by a series of events which started after the release of poor Euro-Zone fundamental data. Another help for the greenback was a drop in Oil prices as Hurricane Gustav slowly passed without causing any major damage to energy facilities in the Mexican Gulf. Yesterday, U.S. Factory Orders showed a better than expected rise of 1.3% in July, sending the EUR/USD pair to its lowest leve... ( read more )