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The Euro (EUR) ended the weak down 1.5% against the USD, its largest weekly decline since August 2007, on views that rising consumer prices would prevent the Federal Reserve from easing rates in the near term. In Eurozone specific data, the HICP was released flat on consensus.
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Last edited by ForexTrader73; 12-17-2007 at 10:36 AM.
The Euro (EUR) ended the weak down 1.5% against the USD, its largest weekly decline since August 2007, on views that rising consumer prices would prevent the Federal Reserve from easing rates in the near term. In Eurozone specific data, the HICP was released flat on consensus.
Visit Forex Pros to read more Forex Trading analysis
Last edited by ForexTrader73; 12-17-2007 at 10:37 AM.
"Despite appreciation which the dollar experimented over the last days it changed its direction after the publication of the Meeting Minutes of the FOMC, from September 9."
"U.S data took center stage on Friday, with retail sales and PPI both coming in higher than expected. Retail sales increased on strong sales of gasoline, automobiles and food, giving traders a sigh of relief that the economy isn’t as weak as assumed."
"The risk reduction ahead of the coming weekend's G7 event has been far shallower than anticipated, and overnight developments have the USD within reach of its multi-year extremes in weakness again."
The USD is heading for third-world-currency status imo. Nothing to do with other-currency strengths, more that the fed. has given up any pretense of wanting a strong dollar, instead content to print more as needed. And while a major rush to sell the USD would results in a collapse of the financial markets (so won't happen), expect to see the devaluation rate increase rather than decline...
I recall a few years ago that people were laughing at Warren Buffett's decision on being short the dollar (as was Bill Gates if memory serves...) - he was getting 'killed' at the time as the greenback rebounded. His response: he "wasn't worried" - as long as the US monetary policy remained as it was, he was confident the dollars decline was assured!
"The G-7 produced little in the headlines. Therefore, the knee-jerk reaction to the statement, which focused on the Chinese Yuan and the unified call for China to allow its currency to strengthen more rapidly, was that this gives a green light to further USD weakness. "
"The USD slipped yesterday, one day after its strongest rally against the EUR in more than a year, as investors braced for September data on the U.S. housing market that is expected to push interest rates lower."
"The Euro (EUR) traded at fresh record highs on a broadly weaker dollar following sustained credit turmoil. The Euro headed towards its third weekly gain against the greenback as consumer confidence did little to provide any relief. Overall the EURUSD traded with a low of 1.4317 and a high of 1.4394 before closing the day at 1.4385 in the New York session."
"The Euro (EUR) traded at fresh record highs on a broadly weaker dollar following sustained credit turmoil. The Euro headed towards its third weekly gain against the greenback as consumer confidence did little to provide any relief. Overall the EURUSD traded with a low of 1.4317 and a high of 1.4394 before closing the day at 1.4385 in the New York session."
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