Daily FX Wrap Up

The US Dollar has dropped over 70 pips against the Euro today. This decline came in the wake of the White House announcement that stated growth estimates for 2006 and 2007 would be scaled down. The Bush administration curbed its projections for 2006 from 3.6% to 3.1%, while 2007 estimates were revised down from 3.3% to 2.9%. Edward Lazear, chairman of the White House Council of Economic Advisors, stated, “The housing market, as you know, it has been hit, I think, harder than most of us had expected.” This news sounded an alarm for a sell-off of the US Dollar and took some of the focus away from the strong start to the US Christmas shopping season. Looking across the Pacific, the Japanese Yen also gained on the Dollar, moving almost 100 pips in the early morning American session. Currently the USD / JPY is trading at 116.710. XPRESSTRADE Analyst David Hilgeman