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Durable Goods Might Push The USD Further Up

Yesterday the greenback saw rising trends against most of its major currency counterparts, including a 6 month record against the EUR, and a two year high against the GBP. However, equal concerns on downside risks to growth and upside risks to inflation are keeping dollar activity restrained in the aftermath of yesterday’s FOMC Minutes.
Two main reasons led to yesterday’s dollar positive session. First was the batch of poor economic data from the Euro-Zone, especially regarding the German economy, which promptly weakened the EUR, and thus strengthened the USD. Later on, two leading indicators were published from the U.S economy and boosted the Dollar further. The U.S Consumer Confidence Index rose well above the expectations to a 56.9 mark, continuing a series of positive results from the survey. On the other hand, the New Home Sales failed to reach expectations, yet it did show that the poor housing sector has managed […]

Original post by Forextvblog

This entry was posted on Wednesday, August 27th, 2008 at 5:25 am and is filed under Durable Goods, 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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