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The Greenback’s Rally Continues

The USD continued it recent ascent yesterday versus most of the major currencies. The dollar reached a five and a half month high of 1.4776 against the Euro. A stronger than expected rise in Core CPI was a main catalyst in yesterday’s bullishness as it rose 0.3% in the month of June. CPI also came in higher than the expected rise of 0.4% at 0.8%. In addition, Federal Open Market Committee (FOMC) Member Stern added some hawkish comments when he estimated that the US economy will improve in the short term. The Natural Gas Storage indicator came in at 50B, 3B lower than last week’s publication, but once again in positive territory. Shortly following the 2:35 GMT release the USD made a strong push against the EUR, as the oft-traded pair saw a 100 pip drop. Unemployment Claims in higher than expected but lower than previously published at 450K and […]

Original post by Forextvblog

This entry was posted on Friday, August 15th, 2008 at 4:00 am and is filed under gold price, Crude Oil, USD, 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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