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ADP Nonfarm Payrolls on Tap

Yesterday was an amazing trading day for the USD. The USD saw bullish trends against all its currency counterparts. The increase in the greenback’s value was most notable against the EUR as the cross feel from above 1.57 to under 1.56 and against the GBP as the cross fell from the midd 1.99’s to under 1.98. The Dollar’s rally was sparked by the better than expected S&P/CS HPI Composite-20 and Consumer Confidence Index. Simultaneously, the Crude Oil prices fell sharply, which also helped the USD gain strength.
The two economic releases that were announced yesterday both helped the bullish trends by the USD. The S&P/CS HPI Composite-20, which measures the change in the price of single-family homes in 20 metropolitan areas did drop but less than expected. More assurance was sparked by the Consumer Confidence Index which was forecasted to be lower than the previous reading, but was actually higher at […]

Original post by Forextvblog

This entry was posted on Wednesday, July 30th, 2008 at 7:07 am and is filed under ADP, forex, Nonfarm Payrolls. 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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