No news is good news

A small break in the action today proved to be a bit of relief for some traders, as the majors went somewhat flat. One minor market mover today was the Summary of Commentary on Current Economic Conditions, commonly known as the Beige Book. This report is published eight times per year, with each Federal Reserve Bank branch gathering information on current economic conditions in its District through reports from bank and branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by district and sector, and an overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis. Most Federal Reserve districts reported modest expansion in economic activity since the last report, but several noted some slowing. For example, New York characterized growth as well-maintained, but with a few signs of deceleration. In addition, St. Louis said that activity increased more slowly than in the previous period, Boston reported some softening, and Dallas said economic activity continued to decelerate. On the other hand, Philadelphia reported slightly improved economic conditions. This report had only a small effect on the markets today, but did lead to a Greenback sell-off and a 60-pip profit for the Euro. Currently, the EUR/USD is trading at 131.81, which is also today’s high. David Hilgeman, XPRESSTRADE Analyst