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USD Daily News
Choppy Trading Day Yesterday for the Dollar
Following a day of trading that was uninspired by the weekend's G20 meeting, the Dollar was relatively unmoved against the EUR, though traded in a wide range throughout the day. The Dollar lost ground vs. the JPY, despite the fact that Japanese economy posted recessionary economic data. During late U.S. sessions yesterday, the EUR/USD traded at 1.2622 and USD/JPY at 97.36.
The economic data released from the U.S. yesterday provided mixed results. The Empire State Manufacturing Index showed continuing signs of deteriorating commercial markets, posting a record low, while the Industrial Production report from the Federal Reserve showed improvements from the previous 2 months for the U.S. economy.
Risk aversion has also been influencing the markets, more so with the USD/JPY. As the Japanese economy posted GDP numbers that put its economy into a recession, investors have been moving into the JPY and USD to reduce the amount of risk and leverage that they carry in their trading portfolios. Poor performing global equity markets have also increased risk aversion in the market.
Traders today should be aware of the two events that could possibly move the Dollar. The Purchasing Price Index is set to be released today, forecasting a drop in prices by 1.9%. Also, Fed Chairman Ben Bernanke will be testifying before Congress on the progress and the recent changes to the U.S. financial system bailout. Traders can always look to the ForexYard Calendar for up to date economic indicators and breaking market events.
Future prospects for the Dollar may be trending up. If the markets continue to see the massive deleveraging that has been occurring over the past month, we may see the EUR/USD make further moves lower, possibly trading at a level of $1.2300.
| Dato | Tidspunkt | $€£¥ | Begivenhed | Per. | Forr. | Prog. | Fakt. | Vigt. |
|---|---|---|---|---|---|---|---|---|
| 11/18 | 01:30 | USD |  Treasury Sec Paulson Speaks | * | * | * |  | |
| 13:30 | USD | PPI | m/m | -0.4% | -1.9% | -2.8% |  | |
| 13:30 | USD | Core PPI | m/m | 0.4% | 0.1% | 0.4% | | |
| 14:00 | USD | TIC Long-Term Purchases | 14.0B | 18.0B | 66.2B | | ||
| 18:00 | USD | NAHB Housing Market Index | 14 | 14 | 9 |  |
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