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Posts Tagged ‘currency trade’
The Euro Posts Gains Versus the Dollar
Due to bad US job reports and after the forex trading pair reached a new high level ever since May, the euro was able to post gains versus the dollar. As for the German Industrial Production, it came out at -0.6%, which was worse than the anticipated 0.9%. The German Trade Balance is anticipated to go up from the prior 10.6B to 12.4B. The EUR/USD exchanged at a minimum of 1.3156 and a maximum of 1.3333. Because the pair is able to post results above the 1.3130 support level, the momentum for the EUR/USD pair can be considered positive.
The British pound was also able to post some gains versus the dollar due to the negative US job reports. However, the Manufacturing Production posted a result of 0.3%, which was worse than the anticipated 0.5%. The PPI was anticipated at -0.4%, but it came out at -1%. The GBP/USD forex pair exchanged at a high of 1.5995 and a low of 1.5838.
Dollar Trades with Mixed Results
Against most of the forex trading currencies, the dollar remained mostly the same, although the dollar traded with mixed results. This was due to the anxiety felt about the anticipated NFP data. As for the Initial Jobless Claims, it was worse than the expected, at 479k versus the anticipated 455k. The Unemployment Rate is anticipated to go up from 9.5% to 9.6%. The US stock markets posted negative results, with NASDAQ going down by -0.46%, and Dow Jones plummeting by -0.05%. Gold remained unchanged at $1,194.65 per ounce. Crude oil also went down a bit, but was able to trade above the $82-per-barrel rate.
Amidst strong volatility issues, the euro was able to gain a bit against the dollar. The Interest Rate remained unchanged, which is anticipated at 1%. The German Factory Orders posted better results than the expected rate, which was 3.2% versus the anticipated 1.5%. The EUR/USD exchanged at a high of 1.3235 and a low of 1.3118.
The Euro Hits a Three-Month High
As the euro bounces back from its abysmal numbers that were posted earlier this year, forex trading activity has been a buzz. The euro just posted a three-month high against the dollar, showing that the euro is indeed on its way to recovery. Investors still have reasons to worry, though, as debt problems continue to threaten another fallout for the euro. For now, at least, the EUR/USD pair is threatening to push past the 1.3200 mark, as it traded at a high of 1.3195 and a low of 1.3055 on August 3rd.
The strengthening of the euro is also due in part to the weakening of the US dollar, which is currently suffering from a slow down in US economic growth. Gold only posted minimal gains of 0.1% to close at $1,185.4 per ounce, while crude oil increased by up to 3% to close at $81.34. As for the stocks market, Dow Jones gained by 1.99% and NASDAQ by 1.80%.
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