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Wednesday, 25 Aug 2010
Dollar Weakens against Euro and Yen after U.S. data
The U.S dollar lost ground against the euro and the yen following Commerce Department data that showed orders for durable goods came in weaker than economists expected. The data raise concerns that U.S. economic growth may not have bounced back in the 3rd quarter as much as some have been forecasting. Orders climbed just 0.3% in the month compared to the +3.0% expected. The initial reaction has been a drop in USD/JPY and in stock market futures. The Yen may hold near 15-year highs against the dollar around the 80-85 level in coming weeks as a confluence of factors play in favor of the Japanese currency despite the country's weak economy.
