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Archive for September, 2010
USD Posts Mixed Results vs. Forex Majors
As there were no major economic data, the US dollar posted mixed results against many of the majors. The stock markets posted negative results, with NASDAQ and Dow Jones going down by -0.13% and -0.21% respectively. Crude oil went up by 2.2% and closed at almost $78 per barrel. Gold also went up and closed at $1,310 per ounce, which is a new record high. The Initial Jobless Claims data is to come out today, and is anticipated at 457k against the prior 465k. As for the GDP, it is anticipated to remain the same at 1.6%. The Chicago PMI is anticipated to go down from 56.7 to 56.
The euro reached a new high versus the dollar even though no economic data were released. The EUR/USD forex trading pair exchanged at a high of 1.3646 and a low of 1.3565. The German Unemployment Change is anticipated at -20k against the prior -17k. The CPI is anticipated at 1.8% against the prior 1.6%.
US Dollar Remains Unchanged vs. Major Currencies
The US dollar didn’t make any leaps and bounds and remained almost unchanged versus major currencies, as Federal Reserve still works on easing the monetary policy. The stock markets both fell, with Dow Jones losing by 0.44% and NASDAQ by 0.48%. The crude oil closed nearly unchanged at 76.50 per barrel, while gold climbed to $1,298.60 per ounce after a 0.1% increase.
After touching a 5-month high versus the dollar, the euro slipped a bit over concerns of impending debt trouble in Ireland, Portugal, and European banks. Despite this, the momentum is still bullish for the euro in the forex trading market. In the end, the EUR/USD closed with a low of 1.3425 and a high of 1.3506. The GBP/USD traded at a high of 1.5867 and a low of 1.5787, not exactly posting any substantial changes against the dollar.
The Japanese yen traded within a narrow range against the dollar, as the USD/JPY traded at a high of 84.37 and a low of 84.11. The Canadian dollar fell against the US dollar and failed to reach a 6-week high. The USD/CAD traded between 1.0223 and 1.0305.
Dollar Goes Down Against Many Currency Majors
After a statement from Federal Reserve Chairman Ben S. Bernanke regarding the effect of the financial crisis on the US economy, the dollar went down versus most forex trading majors. According to Bernanke, although the interest rates have been reduced by the central bank’s bond purchases, the recession has definitely slowed down the growth of the US economy. The stock market was able to strengthen, with Dow Jones and NASDAQ going up by 1.86% and 2.33% respectively. Gold also posted gains and closed at $1,298 per ounce.
Bernanke’s statement definitely made an impact as investors went for higher yielding currencies. The euro remained at a bullish momentum as the EUR/USD forex pair exchanged at a high of 1.3495 and a low of 1.3286. The pound also gained versus the dollar, and the momentum for the pound is bullish as long as the exchange rate stays beyond 1.5750. The GBP/USD forex pair exchanged at a high of 1.5844 and a low of 1.5641.
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