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Dollar Troubles
Tue, Jul 15 2008, 12:23 GMT
by Andrei Pehar
The Dollar is taking quite a beating today - with more uncertainty over the long-term future of Freddie Mac and Fannie Mae. Both the Nikkei and the Hang Seng index dropped severely in overnight trading, when it came out how heavily some leading Asian banks had been vested in US mortgages. The Bank of Japan left their key overnight rate unchanged at 0.50%.
The UK consumer price index came in larger than expected (3.8% vs. 3.3% last month, 1.6% vs. 1.5% for the core) - officially giving us the worst inflation on record. ZEW economic sentiment came in worse than expected for both Germany (-63.9 vs. -55.5) and for the EU as a whole (-63.7 vs. -56.0). Currently Most European indexes are down by 100 points or more, with Italy's MIB (-724) and Spain's IBEX (-354) taking the worst hits.
All eyes now turn to the US news due out at 12:30 GMT. We will be getting the producer price index (forecast at 1.3%, 0.3% for the core), retail sales (forecast at 0.4%, 0.9% for the core), and the Empire State manufacturing index (forecast at -7.7) all at the same time. More US news will follow at 14:00 GMT. Prior to open, Dow futures are currently at -122, well below the 11,000 mark. Both Bernanke and Paulson will be testifying on Capitol Hill today.In addition, Canada will be announcing new motor vehicle sales at 12:30 GMT, and the Bank of Canada will announce their new overnight rate at 13:00 GMT (widely expected to remain unchanged at 3.00%).
Published on Tue, Jul 15 2008, 12:34 GMT
Archive
- The Yen vs. the Dollar - Double Entendre?
Published On Wed, Nov 11 2009, 20:58 GMT - Non-Farm Payrolls and the GBP/USD
Published On Thu, Oct 1 2009, 20:33 GMT - US Housing and EU Manufacturing
Published On Tue, Jun 23 2009, 15:16 GMT - US Posts Lowest Consumer Confidence on Record
Published On Tue, Feb 24 2009, 15:28 GMT - Obama Names Next Treasury Secretary
Published On Fri, Nov 21 2008, 21:24 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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