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Posts Tagged ‘Foreign Exchange trade’
The Pound Hits Six-Month High
The British pound has strengthened against the dollar over these past weeks and has hit the highest level since February. Hampered earlier this year by uncertainty over the elections, the British pound is now starting to show impressive signs of the country’s economic recovery. In fact, the rate of recovery even urged England Deputy Governor John Gieve to advise policy makers not to purchase bonds or loosen monetary policies. Hopefully, this confidence will be reflected in investor forex trading. The GBP/USD forex pair traded at a low of 1.5861 and a high of 1.5968. It is expected that UK Services PMI and Halifax HPI are going to strengthen.
In the US, the main theme of the forex trading community right now is home sales. Pending Home Sales data failed to impress investors on the August 4 trading day. Instead of finally breaking the negative streak and posting the forecast 0.5% improvement, pending home sales came out at -2.6%. As a result, investor confidence waned and the dollar weakened against most of the majors.
Confidence Grows in the Euro Zone
The Euro has been struggling in 2010, plagued by various problems, not the least of which is the debt crisis of Greece and Portugal. Finally, however, it seems as though the euro may get out of its rut and start posting some gains to get back into prime form. July 30th marked the first day in nearly three months that the euro posted gains. Investors are showing confidence in the currency’s economic recovery. The EUR/USD forex pair traded at a low of 1.2977 and a high of 1.3107, the highest trade point in just about two years. These are definitely great signs of recovery for the euro in forex trading.
Known to many forex investors, when one currency gains, there are others that fall. To end the trading week last week, the US dollar fell against many of the major currencies. The Dow Jones weakened by 0.29% and the NASDAQ weakened by 0.57%. Jobless claims dropped from 468K to 457K. Gold strengthened to close at $1,168.4 per ounce, and crude oil gained to close at $78.3 per barrel.
Drop in US Durable Goods Orders Affects Dollar Trading Results
Following the drop in orders for durable goods from 0.6% forecast to -0.6%, the worse than expected results left many investors unsure about the market condition. The US data led to the dollar posting some mixed results against other major forex currencies. The Japanese yen posted gains against the dollar, following the latest figures on US durable goods orders and the Federal Reserve claiming that there will be slow economic boom in some areas. The USD/JPY posted a high of 88.11 and a low of 87.25. Against the dollar, the British pound also remained nearly unchanged, as the GBP/USD pair traded between 1.5544 and 1.5638. Finally, the EUR/USD posted a low of 1.2966 and a high of 1.3042.
The stock market also weakened, as Dow Jones and NASDAQ fell by 0.38% and 1.04%, respectively. Gold closed at $1,1160.4/ounce after gaining by 0.2%, while crude oil fell by 0.7% and ended up at $77/barrel. It is expected that the Unemployment Claims will rise to 457K from 464K.
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