Daily Analysis
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Dollar falls ahead of durable goods report today
Wed, May 28 2008, 12:46 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.5865 | 105.45 | 1.9905 | 1.048 | |
| Resistance | 1.5825 | 105.1 | 1.988 | 1.039 |
| 1.5775 | 104.4 | 1.985 | 1.036 | |
| 1.5665 | 103.5 | 1.976 | 1.0245 | |
| Support | 1.5635 | 103.1 | 1.9715 | 1.0215 |
| 1.542 | 102.85 | 1.9685 | 1.017 |
Orders for U.S. durable goods probably fell last month as companies trimmed investment plans and consumers bought fewer cars and televisions, economists said before a report today. Businesses are reacting to slower sales and record fuel prices by scaling back on hiring and spending. A slowdown in purchases of equipment, combined with a worsening housing slump and weakening consumer spending on expensive items like autos, may bring an end to the six-year economic expansion. ``There is more weakness to come,'' said Lena Komileva, chief economist at Tullett Prebon Plc in London. ``Manufacturers remain under pressure from a recession in housing, high commodity costs and soft labor markets which are spreading housing weakness to the rest of the economy.''
The yen rose for the first time in three days against the dollar as a decline in Asian stocks prompted investors to pare holdings of higher-yielding assets funded in Japan. The yen is currently trading at103.99 against the dollar as of 8:00 a.m. in London from 104.24 in New York yesterday. The yen rose to 163.45 per euro from 163.58. The dollar is currently trading at $1.5725per euro as of 8:15 am, GMT from $1.5691. The yen may advance to 102.50 a dollar this week.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 23:50 | Retail Sales y/y | JPY | Apr | 1.10% | 2 | |
| 12:55 | Redbook m/m | USD | Weekly | 1.90% | 2 | |
| 12:30 | Durable Goods Orders m/m | USD | Apr | -0.30% | 2 | |
| 12:30 | Core Durable Goods Orders m/m | USD | Apr | 1.60% | -0.50% | 3 |
| 8:00 | Current Account | EUR | Mar | 4.3B | 1 | |
| 7:15 | Employment Level | CHF | 3.88M | 2 | ||
| 0:00 | Nationwide House Prices m/m GB | GBP | Apr | -1.10% | 3 | |
| 0:00 | Ifo Business Climate Index | EUR | 102.4 | 3 |
Published on Wed, May 28 2008, 12:51 GMT
Archive
- The Dollar gains as the markets tumble and investors seek a safe haven
Published On Fri, Jul 3 2009, 11:47 GMT - Dollar rises as the market are down and China still intends to use the greenback
Published On Thu, Jul 2 2009, 11:36 GMT - The YEN declines versus the Dollar and the Euro on Tankan Report
Published On Wed, Jul 1 2009, 11:45 GMT - Sterling rockets after good housing data and a weak Dollar
Published On Tue, Jun 30 2009, 11:30 GMT - The Dollar rises against most majors as China say the currency may still dominat
Published On Mon, Jun 29 2009, 10:33 GMT
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