US Core PPI On Tap

Yesterday the EUR/USD par experienced a highly volatile trading session and ultimately closed at 1.5466. This closing price represented almost a 90 pip loss for the Dollar versus the Euro. Early morning trading in Asia added another 100 pip to the EUR/USD pair as it raced passed 1.55. In addition the greenback depreciated versus the rest of its major currency rivals yesterday as well. A possible explanation for the dollar’s decline can be found in yesterday’s issued reports on the economy. The Empire State Business Conditions Index came in much lower than expected. The index which measures the general business conditions of manufacturers in New York State came in at -8.7, nearly 8 points lower than initially forecasted. The NAHB Housing Market Index surprised many investors with a slight drop from the forecasted reading. Economists were surprised because they thought homebuilders had begun to recover from the subprime credit crisis […]

Original post by Forextvblog

This entry was posted on Tuesday, June 17th, 2008 at 3:26 am and is filed under 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.