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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 results to be worse than last month, but in both cases the actual results beat forecasts and in the Durable Goods Orders, the result was actually better than last month’s result. The other main factor that led to the incline in the greenback’s value was the fall of the Crude Oil’s price, which breached under the $127 range. As the American economy is greatly affected […]

Original post by Forextvblog

This entry was posted on Thursday, May 29th, 2008 at 4:52 am and is filed under Crude Oil, currency trading, gold, 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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