USD

Forex Trading News: USD Bulls Running (CLICK FOR CHARTS)

Mr. Danish FX — Wed, 03 Sep 2008 00:21:09 -0400

The USD has just made some big gains across the board. The EURUSD has just hit a low since February 8. The GBPUSD has just hit a low since April 21, 2006. Finally the AUDUSD has just hit a 12 month low.

Forex Trading News- University of Michigan Confidence

Alex Chernomordin — Fri, 29 Aug 2008 09:56:09 -0400

The University of Michigan Confidence reading expected at 62 came in better than expected at 63. This is a positive reading for the USD, coupled with other positive readings earlier today have USD reversing its earlier losses.

Forex Trading News - US GDP Quarter over Quarter Forecast

Alex Chernomordin — Thu, 28 Aug 2008 08:35:41 -0400

The GDP quarter over quarter came in significantly better than expected at 3.3% versus the 2.7% survey and the 1.9% reading the prior quarter.

The Personal Consumption indicator was also better than expected at 1.7% versus the 1.6% estimate. Exports were revised up (+13.2% versue +9.2% in earlier report) while imports were revised lower (-7.6% versus-6.6%). Imports subtract from GDP. Inventories were also revised higher. The Core PCE came in on the number at 2.1%.

Overall this is a very positive report for the USD and it has reacted appropriately getting bid against most of its counters.

Forex Trading News - Durable Good Orders

Alex Chernomordin — Wed, 27 Aug 2008 08:32:43 -0400

The US Durable Good Orders expected flat at 0.0% came in above expectations at 1.3%, the prior months reading was +0.8%, revised up 1.3%. The Durable Good Orders removing the Transportation sector was expected at -0.7% came in better than expectations at .7%, the prior months release was +2.0%, which was revised up to 2.4%. The USD is reacting positively to this report.

Orders for Non Defense Capital Goods excluding aircraft increased by 2.6 percent. Shipments for these orders increased by 0.6%. This was higher than 0.4% in June. The June number was revised down from 0.7%. This figure is used in GDP figure and may therefore have a negative effect on the 2nd quarter revision announced tomorrow. Expectations are currently for the 2nd quarter GDP to come in at 2.7%.

Forex Trading News- Richmond Fed Manufacturing Index

Alex Chernomordin — Tue, 26 Aug 2008 10:03:59 -0400

The Richmond Fed Index for August expected to come in at -10 came in at -16, worse than expected and the same as for July of -16.

The CONCAF Consumer Confidence expected at 53 came in at 56.9, better than last months reading of 51.9.

Forex Trading News - New Home Sales

Alex Chernomordin — Tue, 26 Aug 2008 10:02:16 -0400

The New Home Sales reading for July expected at 525K came in at 515K, the prior months reading was 530K, revised back to 503K. The other associated reading was as follows:

New Home Sales month over month - -.9% survey 2.4% actual

Forex Trading News - S&P CaseShiller Home Price Index

Alex Chernomordin — Tue, 26 Aug 2008 09:02:55 -0400

The S&P CaseShiller Home Price Index for June was released better than expected at 167.69 versus the 167.20 estimate and worse than the 168.54 reading the prior month. The 20 year over year composite had a reading of -15.92% versus the expected reading of -16.20%. The markets have had little reaction to this better than expected report for June, after a huge USD rally overnight on continued global economic weakness.

Forex Trading - Fed's Fisher on the Wires

Alex Chernomordin — Tue, 26 Aug 2008 08:50:04 -0400

The Federal Reserve Bank's Fisher had the following comments this morning in regards to the US Economy:

US GDP may turn negative in 2008.
Remains concerned about inflation outlook
Unclear whether to offer new liquidity sources.
US Growth likely to maintain slow pace during the second half.
Cannot determine whether energy will continue a downward trend, Fed will act if inflation pressures continue.
Fisher feels the housing sector has not reached its bottom, sees house price continue to decline.
Treasury and Congress are the best support for the GSE's.

Forex Trading News: USD Takes Advantage of Dropping Oil

Mr. Danish FX — Mon, 25 Aug 2008 01:04:08 -0400

Oil has kept its downside momentum thus far during the Asian session as the USD is making some big gains across the board. This decline in oil comes behind a big Friday where oil declined over $6 during the NY session, the largest one-day slide since 2004 . Regarding the USD and oil, Victor Shum of enegry consultancy Purvin and Gertz said:

-The persistently gloomy outlook for the U.S. economy and oil demand and spread of the economic downturn from the U.S. to Europe is weighing on prices

-Also as the U.S. dollar gains strength, the oil pricing comes down. So the movement in the U.S. dollar is also driving oil in the short term

-This week I expect oil will move depending on the US dollar movement, expecting prices between $110 and $122

Forex Trading News: Soft USD Giving Back Some Gains

Mr. Danish FX — Mon, 18 Aug 2008 01:36:19 -0400

The USD has softened up across the board since the Forex open behind a Wall Street Journal article over the weekend noting that the USD may be up for profit taking this week. Likewise, we see a rise in commodity prices too. Below are daily charts showing the European currencies gains over the USD.