The euro continues to dominate again, opening higher against all other currency pairs. The EUR/USD woke up strong today and gently kissed 1.3927 before receding a bit. Is there any stopping the Euro? It looks like a level of 1.400 might be in the cards very soon.
In other currency news, the dollar is still weak across the board, but is making up a little ground against the British Pound. In trading today, the GBP/USD worked its way below the 2.03 level, trading around 2.026 by mid morning in NY.
It looks like things will be a bit bumpy until the September 18th interest rate announcement from the Fed.
Happy Trading!!! |
We had some very suprising data come out today regarding jobs. For the first time since August of 2003, the number of payrolls dropped today. The Labor Department released its monthly Non-Farm Payroll figures and they came out -4,000 versus the +100,000 widely expected. Too, last month's figures were revised to 68K from the previous number of 92K.
What this meant for Forex was a slide for the dollar against most of the other currency pairs. In particular, the EUR/USD shot up to 1.38 before later settling down to the 1.3765 range. GBP/USD followed suit by climbing to 2.0325 and later receded a bit to close at about 2.0286.
More importantly, these latest figures provides further support for the Fed lowering rates later this month. The only question now is by how much. Some analysts predict a quarter point while others think nothing short of a half point in is order. We'll see on the 18th.
Happy Trading!!! |
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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