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Watch For Release of the Empire State Manufacturing Index Today
Opening this week's trading session with relatively positive news, the USD appears to be regaining its strength after last week's negative economic data. Climbing over 100 points against the EUR in today's early trading session, as well as continuing its steady rise against the Swiss Franc, the Dollar has gained some surprising momentum given recent economic news from the United States. The USD in fact sits just below 1.2600 against the EUR, steadily increasing its momentum.
Over the weekend, G20 leaders met in Washington D.C. to discuss the recent economic crisis. The event may well be the last of its kind for the Bush administration before stepping down to the incoming administration of Barack Obama.
Many of the smaller members of the G20 left the summit with feelings of doubt, however, as an agreement to continue free-market capitalism was the only agreed upon conclusion stemming from this meeting. Brazilian President Luiz Inácio Lula da Silva called on the larger members not just to lend money as a band-aid to financial troubles, but to continue with policies which bolster growth and increase trade as a healthier solution to the recent economic crisis.
Looking ahead, traders will see the release of important manufacturing and production data from the US later today, beginning with the Empire State Manufacturing Index. Throughout the week investors will also see the release of many primary economic indicators such as PPI, CPI, Building Permits, TIC Long-Term Purchases, and Unemployment Claims. The USD is set for a volatile week as most of this data is forecasted to be worse than their previous releases meaning traders may see a reversal to the USD's strength starting early this week.
| Dato | Tidspunkt | $€£¥ | Begivenhed | Per. | Forr. | Prog. | Fakt. | Vigt. |
|---|---|---|---|---|---|---|---|---|
| 11/17 | 13:30 | USD |  Empire State Manufacturing Index | -24.6 | -26.0 | -25.4 |  | |
| 14:15 | USD | Capacity Utilization Rate | 76.4% | 76.4% | 76.4% | | ||
| 14:15 | USD | Industrial Production | m/m | -2.8% | 0.1% | 1.3% | |
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