US CPI - On Tap

The USD strengthened throughout yesterday’s trading and as a result of mostly positive economic releases; it saw a day long bullish trend. Although the USD did lose momentum on Monday, yesterday it gained strength against most of its rivals. Against the EUR, the greenback rose and led to a decline of the pair to a level of 1.5480 in late New York market trading. The main factor that led to the USD’s rise was the better than expected Core Retail Sales figure.
Yesterday’s batch of American economic announcements started with Fed Chairman Bernanke’s speech. Bernanke said that the financial markets improved, but cautioned that the central bankers and the markets are still a long way from the point when they can say the credit crisis is near its end. Traders looking for hints about future Interest Rate cuts in his speech were disappointed as he did not discuss the Fed’s […]

Original post by Forextvblog

This entry was posted on Wednesday, May 14th, 2008 at 4:44 am and is filed under cpi, currency trading, analysis, 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.