« U.S.stocks turn higher as tech cheer battles financial gloom
Gold futures move lower as oil prices decline »

Crude Oil Inventories Might take The USD Up

The greenback experienced a trading session of mixed results yesterday. Soon after the trading day began, the USD reached a 6 month record against the EUR as the pair fell to a rate of 1.4630. However, it was a straight or shall we say “strait” downfall for the USD ever since, as the cross rose to breach the 1.4800 level.
The USD made its record high against the EUR as a result of a much better than expected Producer Price Index figure. The indicator rose by 1.2%, beating expectations for only a 0.6% rise. The surprising surge reflects an increasing inflation pace, that might only be stopped by interest rates hikes, and the market promptly reacted to continue the USD’s rally. However, 3 elements have joined together to provide traders with an excellent opportunity to gain profits on their short USD positions. The first one was the Building Permits indictor which […]

Original post by Forextvblog

This entry was posted on Wednesday, August 20th, 2008 at 8:55 am and is filed under Crude Oil Inventories, 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.

Leave a Reply