FX Daily Wake Up
Big News, Lackluster Performance
The FOREX market would traditionally be swayed by today’s release of the New Home Sales report, but no such movement occurred. The US Dollar initially gained against the Euro and the rest of the majors after two reports from the US showed improvements from the previous period. Durable goods orders rose 3.1% in December, up from a 2.2% reading in the previous month. New home sales increased at an annual rate of 1.12 million units, beating the forecast of 1.05 million units. Next week the Chicago Purchasing Managers survey; the Fed’s rate decision; and the first reading of fourth quarter GDP might have better luck moving the market than today’s release. As we hit the close, the EUR/USD is trading at 1.2913, and the USD/JYP is currently at 121.58. XPRESSTRADE Analyst David Hilgeman
The FOREX market would traditionally be swayed by today’s release of the New Home Sales report, but no such movement occurred. The US Dollar initially gained against the Euro and the rest of the majors after two reports from the US showed improvements from the previous period. Durable goods orders rose 3.1% in December, up from a 2.2% reading in the previous month. New home sales increased at an annual rate of 1.12 million units, beating the forecast of 1.05 million units. Next week the Chicago Purchasing Managers survey; the Fed’s rate decision; and the first reading of fourth quarter GDP might have better luck moving the market than today’s release. As we hit the close, the EUR/USD is trading at 1.2913, and the USD/JYP is currently at 121.58. XPRESSTRADE Analyst David Hilgeman
posted by XPRESSTRADE, LLC at 1/26/2007 02:28:00 PM
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