The U.S. Dollar is expected to go volatile today on U.S. Homes Sales data and the speech by Federal Reserve Chairman Ben Bernanke at 14:00 GMT. Bernanke is expected to discuss the economic crisis and recovery. With regards to the home sales data, the figure is expected to rise to 5.03 million, up from the previous figure of 4.89 million. Forex traders should follow both of these events closely as they are set to determine the USD's main crosses for Friday's trading. [caption id="attachment_1866" align="alignright" width="200" caption="Bernanke ... ( read more )
Posts Tagged with ‘Home Sales’
September 25, 2008 - New Home Sales – On Tap
The U.S. economic rescue plan of Bernanke and Paulson, as well as the Existing Home Sales figure, has caused frenzy in the market recently. Yesterday, the greenback underwent a volatile trading session against most of its currency counterparts. Starting the early trading sessions off rather flat, the USD's value suddenly dropped following the 14:00 GMT announcement of the Existing Home Sales indicator as it came out worse than forecasted. Correcting this move, however, was the jump in value directly after Paulson and Bernanke's testimonies late... ( read more )
August 26, 2008 - New Home Sales On Tap
Intra-day gains in the dollar on a better-than-expected U.S. Existing Home Sales report tended to be short lived even though stabilization in the U.S. housing market is seen as critical to ending some of the concerns on the U.S. economy. The dollar finished yesterday's trading session with mixed results versus the major currencies while staying relatively unchanged against the EUR ultimately closing at 1.4709.
Still, lingering concerns on problems at U.S. mortgage finance companies Fannie Mae and Freddie Mac are keeping housing data at the ... ( read more )
August 25, 2008 - Existing Home Sales on Tap
Last week was a volatile trading week for the U.S. dollar and overall it saw mixed results with gains against most counterparts besides the EUR. During last week, there was a slight loss against the EUR while a lot of bullishness was seen against the GBP in particular during the end of the market week. With the Sterling's weak economic data releases including a fall in its GDP compared to previous figure, the USD took the cross down to the mid 1.85's. In terms of American economic news, there were more ups than downs with the major positive rel... ( read more )