US Calendar Packed today

The USD lost steam from last week’s strengthening vs. most of the major currencies as investors continued to feed their risk appetite, leading the higher-yielding commodity currencies higher. The greenback also weakened amid renewed concerns that the Federal Reserve could still have to cut Interest Rates to boost growth. As a result, the USD dropped 0.2% on the day at 1.5513 vs. the EUR having earlier hiked above the 1.54 mark.
Yesterday’s speech by Chicago Fed President Evans lowered the growth prospects for the U.S. economy. In his speech he highlighted the growing weakness in household spending, and said that the economic growth will probably remain dawdling throughout 2008. The U.S. inflation prospects also remain quite gloomy. Economists expect it to fall within 1.5% to 2% by 2010.
Looking ahead to today, we have a batch of very important US data. With the many speeches to follow, the most important speech […]

Original post by Forextvblog

This entry was posted on Tuesday, May 13th, 2008 at 3:33 am and is filed under bernanke, gdp, currency trading, 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.