Daily FX Wrap Up

Buying the US Dollar today might not have been a smart move. The USD slid in a drastic move to a low of 117.11 against the Japanese yen, which is the lowest it has been since the second of October. Housing in almost all geographic regions of US is in the midst of a major contraction. Latest Existing Home Sales figures once again missed analyst's estimates and registered their lowest reading in well over 3 years. While New Home Sales increased mildly from September as present day buyers clearly prefer the deep discounts that a housing slump offers and that "new house smell". Adding to the possibility of a long term decline is the most recent economic news from the MOFC's report and the Richmond Federal Reserve Report numbers. September Durables Goods rose only 0.1% to the 16 month low set by ISM manufacturing report. In the last few months the US Dollar has enjoyed a period of gains but recent events might have raised enough of an alarm for a change in direction.