Forex Trading: Quiet Monday morning

Greg Michalowski — Mon, 19 May 2008 09:27:18 -0400

The EURUSD dipped in the the Tokyo session, then rallied in the London session. At 5:00 AM EDT the Eurozone Construction Output statistic came out weaker than expected at -2.2%. German construction fell 12.3% from February. Last week Eurozone GDP was showed stronger than expected growth of 0.7% largely as a result of higher construction spending - especially out of Germany who benefitted from a mild winter.

Given the weaker data, the focus of the market turned away from the weak US economy and focused on the EURo instead.

USDJPY USDCHF

Forex Trading: Quiet Monday morning