Currency
Dollar Rebounds After Bernanke Comments
Yesterday the dollar continued a day of uncertainty with the price sitting up from the recent gains against the euro. The dollar didn’t weaken beyond the resistance level yesterday (see chart). Today we saw a strengthening for the euro sending the USD through resistance, past the 38.2% Fibonacci line.
Euro strength was halted after Federal Reserve [...]
Dollar Weakens Against Euro and Yen
The recent dollar weakness continued today hitting a three week low against the euro. The US dollar traded at $1.5657, from $1.5510, and also declined against the Japanese yen. The dollar declined from 104.33 yen to 103.91.
The decline came about after the IMF said the US housing slow-down still poses “serious risks” to financial markets.
Meanwhile [...]
US Confidence Data Sends Dollar Lower
The dollar fell against the euro and the yen after poor US consumer confidence data caused concern that the US economy may not rebound.
The USD traded at $1.5576 from a low of $1.5601 on May 16. The dollar also weakened against the yen from 104.04 to 104.03.
Despite a temporary rebound from record lows of $1.6019 [...]
Will The EURUSD Trend Favour The Dollar?
The Federal Reserve may lower interest-rates after a government report showed US consumer prices grew less than forecast for April.
Dustin Reid of ABN Amro Chicago said “The Fed may have more room to cut rates if deemed necessary. Inflation was a key driver behind the recent dollar rally.” - Bloomberg
The dollar reached $1.5462 today, after [...]
Retail Sales Boost Greenback
US government retail sales figures came out better than expected excluding autos. The figures showed an increase in April ahead of forecasts.
After positive data speculation has risen that the Federal Reserve will halt cutting the benchmark interest rate. The USD gained against the euro as well as the yen after the figures were released.
The dollar [...]
No More Rate Cuts After Today
It is expected that the Federal Reserve will make a quarter percent rate cut today, however, comments suggest that it’s unlikely that there will be further interest rate cuts after this spate of emergency cutting measures.
The US dollar is set to make its highest monthly gain against the euro since April 2004 by trading as [...]
Euro Breaks $1.60 After Hawkish ECB Comments
The euro broke through the $1.60 mark against the dollar after European Central Bank governing council member, Yves Mersch gave hawkish comments suggesting the bank may revise its inflation target upwards.
The euro rose to an all-time high of $1.6018 against the dollar, before retracing to $1.5976.
Hans Redeker of BNP Paribas said, “we see the [...]
Euro Approaches Record High $1.5983
The Euro climbed to within a cent of the record high of $1.5983 set on the 17 April after speculation that the European Central Bank will raise interest rates.
The currency rose before the release of a US housing sales report which has previously shown a fall.
Jeremy Stretch, a senior market strategist at Rabobank said, “In [...]
Pound Declines Despite BoE Announcement
The Bank of England announced plans to improve the slowing economy by loaning banks £50bn to enable banks to lend to one-another.
The UK housing market has slowed as banks maintain higher interest rates and cease lending to new buyers. Despite the interest rate cuts that the BoE have instigated, the rate cuts have not been [...]
Euro Reaches New All-Time High
The Euro advanced against the Dollar to a new record high of $1.5983, marking the worst decline in Dollar value against the Euro since its inception in 1999.
Forecasts expect a weak manufacturing report in the Philadelphia region to cause the Federal Reserve to cut the benchmark interest-rate.
Michael Klawitter, a currency strategist at Dresdner Klienwort in [...]
