Daily FX Wrap Up
A hard landing turns soft until the next news release……
The US Dollar made strong gains on light news following today’s release of US Retail Sales figures for November. A surge in consumer spending instigated a sharp rally for the greenback against the Euro gaining over 85 pips, which was badly needed after yesterday’s FOMC report. Starting in the early morning sessions, the EUR/USD was trading at 1.3285 and had a long and slow decline to finish out the American session at 1.3200. What really is intriguing traders and economist alike, is the possible impact of today’s figures on possible future Federal Reserve actions. Fears of further housing decline and to a lesser degree a small dip in the industrial sector had many fearing a hard and rocky bottom for the US economy. With Retail Sales showing a gain optimist see tangible evidence that the economy may bottom out with a soft landing. XPRESSTRADE Analyst David Hilgeman
The US Dollar made strong gains on light news following today’s release of US Retail Sales figures for November. A surge in consumer spending instigated a sharp rally for the greenback against the Euro gaining over 85 pips, which was badly needed after yesterday’s FOMC report. Starting in the early morning sessions, the EUR/USD was trading at 1.3285 and had a long and slow decline to finish out the American session at 1.3200. What really is intriguing traders and economist alike, is the possible impact of today’s figures on possible future Federal Reserve actions. Fears of further housing decline and to a lesser degree a small dip in the industrial sector had many fearing a hard and rocky bottom for the US economy. With Retail Sales showing a gain optimist see tangible evidence that the economy may bottom out with a soft landing. XPRESSTRADE Analyst David Hilgeman
posted by XPRESSTRADE, LLC at 12/13/2006 02:03:00 PM
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