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Dollar Rises amid Positive Economic Data
The U.S. dollar strengthened against most of its major currency rivals during last week's trading session. The dollar gained over 200 pips vs. the euro, and the EUR/USD pair is now trading below the 1.3200 level. The dollar gained about 100 pips vs. the Japanese yen, and the USD/JPY pair is trading above the 84.00 level.
The dollar's bullish trend came as a result of several economic releases, which indicated that the economic recovery is advancing. The weekly Unemployment Claims report showed that the number of Americans filing for their first week of unemployment benefits fell last week to 421,000, down 17,000 from a revised 438,000 claims filed the week before. In addition, the trade deficit in the U.S. shrank more than forecasted in October. The gap narrowed by 13% to $38.7 billion, well below the expected $43.5 billion deficit. The deficit reduced as exports were the strongest since August 2008 due to Mexican and Chinese record import amounts from the U.S.
Looking ahead to this week, the busiest trading day appears to be Tuesday, as several leading economic releases are scheduled. The U.S. Retail Sales reports, the Producer Price Indices and the Federal Funds Rate are expected, and are likely to initiate heavy volatility. Traders are also advised to follow the Consumer Price Indices and the Long-Term Purchases reports on Wednesday, and the Building Permits and the Philadelphian Manufacturing Index on Thursday, as they are likely to have a significant impact on the greenback as well.
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