US Retail Sales On Tap

During yesterday’s trading the greenback suffered a bearish trend versus its major currency rivals. The USD lost 80 pips against the EUR and closed at 1.5552 before reopening of the Japanese market. The dollar also lost against the GBP, seeing a 90 pip drop as it closed trading at 1.9632. The movement can largely be tied to fundamental news from yesterday. Crude Oil Inventories came in lower than expected at -4.6M, as reports had initially expected a 4M swing in the opposite direction. The Beige Book which provides a compilation of evidence supplied by the twelve Federal Reserve districts regarding the economy showed that the U.S. economy is still weak and FOMC Members Kohn and Kroszner speeches were less hawkish than expected. These factors combined with another day of rising oil prices ($138/barrel) contributed to the drop in the USD.
Later on the Japanese session opened with a significant push for […]

Original post by Forextvblog

This entry was posted on Thursday, June 12th, 2008 at 5:59 am and is filed under Retail Sales, 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.