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The Greenback’s Bearish Move is Back.

Yesterday, the USD lost grounds against most of its rival currencies but remained within its recent range. The recent USD weakness has been caused by some traders’ renewed expectations for higher U.S. interest rates after contradictory U.S. economic data. The greenback continues with bearish momentum following Tuesday’s losses, which resulted by the Housing Starts’ plunge to its lowest level in the last 17 years added by the adverse economic information from mortgage and lending markets. The USD was 0.1% lower against the JPY, trading at 107.80, and also depreciated to 1.5528 compared with 1.5462 against the Euro.
Also yesterday, the Crude Oil prices climbed up, passing the $136 following an imminent strike trend in Nigeria. Crude Oil prices moved up in anticipation of the supply data from the U.S, which showed a decrease in stockpiles by 1242k barrels in the week ending on June 13.
On tap today, we are expecting a […]

Original post by Forextvblog

This entry was posted on Thursday, June 19th, 2008 at 12:25 am and is filed under greenback, gold prices, Crude Oil, 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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