Daily FX Wrap Up

The Euro hit another multi-month high today against the US Dollar. The US Durable Goods report was released today, posting a net loss for October of 8.3-- the largest drop in more than 6 years. In addition, the median price of a home dropped to $221,000 in October, a decline of 3.5 percent from a year ago. According to the National Association of Realtors, this is the biggest year to year price decline on current record. For many Americans, their house is the largest purchase they will ever make and many experts use housing prices to gauge overall financial stability. Despite the bearish news today, the US Dollar was not in a total decline. Small gains were made against the Japanese Yen from a disappointing Retail Sales report. A weaker than expected -.02% versus the expected .07% slumped the Yen verse the US Dollar. Some analysts suggested that sales for clothing were depressed by unusually warm weather in October much as sales in the summer were hurt by unseasonable amounts of rain. Currently the EUR/USD is trading up near the high of 132.03. XPRESSTRADE Analyst David Hilgeman