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Forex Report, September 5 2007 |
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The Euro and the Pound made some headway against the Dollar as news reports indicating that home sales were down hit the street. The National Association of Realtors reported that pending sales of existing homes fell last month to the lowest level in nearly six years. Yikes!
EUR/USD responded to this news by popping up about 100 pips topping out at about 1.3670. The GBP/USD followed a similar trend, making its way up to right around 2.0225 before dropping some pips later in the day.
The Fed released its Beige Book today as well, noting that "outside of real estate, reports that the turmoil in financial markets had affected economic activity during the survey period were limited." Once again we see the Fed trying to point everyone away from the carnage that is the real estate and credit markets. We'll see just how much they believe their words later this month when it comes time to decide on an interest rate move.
Happy Trading!!!
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Forex Report