Go Dollar Go!

The US Dollar has finally seen a bit of relief as it continues its corrective rally. News out of the US was mixed today when Durable Goods orders rose 3.7% in March, beating the estimate of 3.3%. Factory orders also increased by 3.1% in March, greater than both the forecast of 2.1% and the 1.0% rise in February. Combined with the stronger-than-expected manufacturing ISM index, those two manufacturing numbers helped the USD extend its small bull market for another trading day. It is important to note that we are in a holiday market, with Europe shuttered for May Day and the Japanese off for Thursday’s national holiday. This bullish move might only be a small corrective action in line with a bigger trend, but bull hopefuls are praying that this is the start of a reversal for the EUR/USD. Looking across the big blue, the Japanese Yen continued its decline against the US Dollar. The pair broke the 120 level and is waiting for US payrolls to give the next signal for market direction. The Yen declined as far as 120.27 before pushing back to the current 120.09 in very light trading. As we head into the evening sessions, the EUR/USD is holding at 1.3590 and the GBP/USD is down a bit at 1.8990. XPRESSTRADE Analyst David Hilgeman