FX Daily Wake Up

The US Dollar gave back almost all of the gains made in the past week, as a bearish housing report dampened optimism for the world's largest economy. Following the poor economic data, FX traders immediately sparked a significant and extended Dollar decline that has left it at or near weekly lows against all the major currencies. Though it subsequently regained some ground through the American session, the Dollar remained 50 points lower against the Euro, 80 pips lower against the Pound, and 60 points off its open against the Japanese Yen. A US Commerce Department report showed that national housing starts were the lowest levels since 1997, as a rapidly falling real estate market hurt demand for new homes. This indicator normally has a strong pull in the major markets and we most likely have not seen the end effect from this report. XPRESSTRADE Analyst David Hilgeman