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Disappointing Retail Sales Help Euro Rebound Against the US Dollar
Fri, Sep 12 2008, 16:58 GMT
by Andrei Pehar
Retail sales dropped by 0.3%, the second straight month of declines in a row, confirming that the consumer is feeling the pinch of the tighter economy. Excluding autos, the drop was closer to 0.7%
This comes against news of Lehman Brothers being put up for sale (with Bank of America and HSBC among the list of potentially interested parties), and further sights of trouble at Washington Mutual - so soon on the heels of the bailout of Freddie Mac and Fannie Mae.
The combination put a stop to the US Dollar rally of past weeks, and caused the Euro to regain some ground. The current move up in the EUR/USD is expected to cap at somewhere 1.4222 to 1.4227 at close of trading today, eventually perhaps going to 1.4351
If 1.4351 fails to hold as resistance next week, the next likely upside target would be 1.4986. If the US Dollar finds its footing and the EUR/USD resumes its downward progression, breaking below support at 1.3837, then 1.3323 becomes a likely target.
Published on Fri, Sep 12 2008, 17:12 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.
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