Tuesday, 24 Nov 2009

Euro Comes Out Ahead After Busy Trading Day

The Euro and U.S. Dollar both experienced a day of mixed trading, after a weak day on Wall Street as well as positive U.S. economic data caused both currencies to fluctuate. Typically when the stock market is weak, investors turn to the dollar as a safe haven currency. This was countered by a better then expected U.S. consumer confidence reading, which caused investors to turn to high risk currencies such as the Euro. While the greenback made some gains, the Euro still came out ahead and was trading at $1.4980 this afternoon. Minutes released from the November 3-4 meeting of the Federal Open Market Committee (FOMC) had little impact on the dollar. The FOMC acknowledged the dollars continued downward spiral, and did nothing to reassure investors that U.S. interest will increase in the near future.

Crude oil prices fell in trading today following predictions that a key report set to be released tomorrow will show an increase in U.S. stockpiles. With the price of crude falling below $75.60 this afternoon, prices will likely stay low throughout the Thanksgiving weekend.