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US Trade Balace on Tap

Yesterday, the greenback lost its newly acquired bullish momentum and returned to the 1.54 range against the EUR. Unemployment claims in the U.S. this month beat out the forecast of 370K and were measured at 365K, 18K less than March. The USD was on a bearish momentum against most of its currency rivals throughout the trading day, and while it would seem like the positive Unemployment Claims would raise the USD’s value, the USD dropped even further after the figure was announced. Monthly Wholesale Inventories also beat our forecasts and a -0.1% change was announced. The negative change actually is a good sign for the American economy because it shows that wholesalers order more goods from manufacturers when they have depleted inventories. Despite the economic news that seemed encouraging for the greenback, the USD lost ground to most of its rivals, specifically the EUR following European Central Bank President, Jean-Claude […]

Original post by Forextvblog

This entry was posted on Friday, May 9th, 2008 at 6:28 am and is filed under trade balance, currency trading, USD, forex, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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