A batch of disappointing economic data left the greenback in bearish territory on Friday to end what had been a positive week for the USD. Amidst an already shaky US economic outlook, personal consumer spending indices showed a slowdown in April as both income and spending numbers came in at 0.2%. The drop in consumption numbers left some investors worried that the US is a long way from the recovery that has been mentioned for the last month or so. Combined with rising food and oil prices, and the abysmal housing market, a poor showing from the... ( read more )
Posts Tagged with ‘forex’
May 29, 2008 - The Greenback Pushes Up Ahead of GDP
Yesterday, the greenback saw bullish trends against most of its major counterparts following positive economic news from the U.S. The EUR\USD was traded as low as 1.5620. The USD was also bullish against the rest of the major currencies. The greenback's daily momentum was driven by the better than forecasted Core Durable Goods Orders and general Durable Goods Orders, as both beat forecasts by at least 1%.
The USD's bullish trend yesterday quickly developed after the news announcements regarding the Durable Goods Orders. Experts predicted the... ( read more )
May 28, 2008 - Durable Goods On Tap – High Volatility Expected
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Yesterday, the greenback saw bullish trends against most of its major counterparts. The EUR\USD went as low as 1.5670, gaining additional 90 pips vs. the EUR. Accordingly, the USD gained against the rest of the major currencies. A large portion of data was delivered yesterday from the US markets. The National Home Price Index decreased by 14.4% to the 172.12 level concluding a 15 straight months of yearly declines. However, the New Home Sales report reflected a 3.3% increase, from 509K on March to 526K on April. The report also showed that the ... ( read more )
May 26, 2008 - Low Liquidity Due to Memorial Day.
Last week, rising Crude Oil prices highlighted a series of events that led to the third consecutive week of Dollar bearishness in the Forex market. The greenback spent the backend of April into the first week of May recovering strongly versus a basket of its most rivaled currencies. The most notable turnaround was a 4% gain against the EUR. These gains were made in large part by positive US economic data which revived investor confidence in the U.S. currency. Unfortunately, the US economy failed to produce the same set of news in the second hal... ( read more )
May 22, 2008 - Crude Oil Soars Again
Yesterday the greenback was bearish against its rival currencies, continuing its decline from the beginning of the week. Throughout the trading day, the EUR\USD was being traded just under 1.5800, the GBP\USD reached 1.9730 and the USD\JPY declined to under 103.00. Following the previous day highlighted by the lower than forecasted PPI, yesterday the greenback was greatly affected by the announcement of -5.4M Crude Oil Inventories and hawkish comments from the FOMC meeting. Crude Oil has reached an all time high this week and its bullish surge ... ( read more )