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Forex Report, October 16 2007 |
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Oil hits a new high today and the stock market is in a bit of a slump--that's what's moving the forex a bit today. Oil popped up today to just over $88 a barrel. As is the norm, there are concerns over tensions in the Middle East with a bunch of saber rattling from Turkey, et al.
On the other hand, US stocks fell a bit over some sobering words from Bernanke as he noted that the slumping housing market remains a "significant drag" on the economy.
As for currencies, the dollar has been gaining a bit against most currencies for the last few sessions, while falling against the yen. The EUR/USD fell to around 1.4145 in early morning trading before rebounding a bit to the 1.4160 range later in the day. The USD/JPY, on the other hand, has fallen pretty steadily, although slowly, to the 116.60 area today as this pair often moves in step with the stock market.
Happy Trading!!!
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Forex Report