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Will The Greenback Continue Its Bullish Path?

The Greenback saw substantial growth last week versus a basket of it currency rivals, most notably against the Euro. The USD gained nearly 500 pips versus its cross-Atlantic counterpart, as the oft-traded EUR/USD pair saw its biggest rise in 3 years. Forex Investor confidence in the greenback grew as the week progressed as US officials continually pushed a hawkish stance regarding monetary policy, as well as shooting down talk of the troubles within the US economy. Dollar bullishness escalated on Thursday after Retails Sales saw a larger than expected rise, at 1.2% for the month of May. Momentum carried the dollar into the weekend despite Friday’s release of the Preliminary Michigan Statement. The report which measures consumer confidence showed that American consumer confidence dropped to nearly 30 year lows. But with a sharp rise in US inflation, a rise which will likely lead to an interest rate hike, as well […]

Original post by Forextvblog

This entry was posted on Monday, June 16th, 2008 at 5:38 am and is filed under greenback, 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.

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