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Forex Report, September 14 2007 |
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After setting a record high yesterday, EUR/USD has calmed down a bit today. The currency pair has been trading in the 1.3870 range for a good part of the day. Data out of the US is mixed. Consumer Sentiment came out about as expected at 83.8. Industrial Production was a touch below expectations at 0.2% but the previous release was adjusted to 0.5%. The big disappointment for the day was Core Retail Sales which were -0.4%, well under the expected 0.2%, though last months release was raised to 0.7% from 0.4%.
The British Pound continues to slide after yesterday's news that British mortgage lender Northern Rock was seeking emergency funding from the Bank of England. GBP/USD quickly dropped 150 pips yesterday on the news and is still dropping. It was trading at about 2.01 at the time of this brief.
Happy Trading!!!
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Forex Report