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Dollar recovers slightly ahead of Bernanke speech
Fri, Aug 22 2008, 10:39 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.5 | 110.65 | 1.904 | 1.1105 | |
| Resistance | 1.495 | 109.9 | 1.8955 | 1.104 |
| 1.491 | 109.1 | 1.8795 | 1.097 | |
| 1.4825 | 108.3 | 1.854 | 1.0825 | |
| Support | 1.4745 | 107.65 | 1.838 | 1.0745 |
| 1.463 | 106.6 | 1.809 | 1.0645 |
The Dollar gained slightly on Friday as the market awaited a speech by Federal Reserve Chairman Ben Bernanke. Yet gains were limited as there is sentiment that the greenback’s recent levels were overpriced. Bernanke’s speech will be key in gleaning more clues about the US economy and future interest rate changes.
The Dollar was also up against the Euro after a report showed that European industrial orders fell at the most in more than 6 years in June. The dollar climbed 0.4 percent to $1.4843 per euro by 10:32 a.m. in London, from $1.4899 yesterday, gaining 1.1 percent in the week
The sterling extended its losses against the euro on Friday after a government report showed economic growth stagnated in the second-quarter. The UK economy is on the verge of recession showing a 0% growth in the second quarter of 2008. The plunging housing market is dragging economic activity and consumer confidence down. The contraction in the EZ economy is less drastic then in the UK and the ECB’s hawkish stance toward inflation is diminishing the chances of a rate cut at current levels of inflation.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance | Actual |
| 15:00 | Fed Chairman Bernanke Speaks | USD | 3 | ||||
| 9:00 | Industrial New Orders m/m | EUR | Jul | -5.40% | -1.10% | 2 | -0.30% |
| 8:30 | GDP q/q | GBP | Jul | 0.20% | 0.10% | 3 | 0.00% |
| 8:30 | Index of Services | GBP | Jul | 0.40% | 0,4% | 1 | 0.20% |
| 8:00 | Current Account | EUR | Aug | -5.5B | -2.0B | 2 | -8.2B |
| 0:00 | Monetary Policy Statement of central Banks | JPY | Aug | 2 |
Published on Fri, Aug 22 2008, 11:51 GMT
Archive
- The Sterling tumbles as traders bet on a rate cut to 2%
Published On Tue, Dec 2 2008, 10:35 GMT - Expectations for Rate Cuts Support The Yen
Published On Mon, Dec 1 2008, 11:54 GMT - The Yen Hold Firm against the Dollar
Published On Fri, Nov 28 2008, 10:36 GMT - The Dollar is Pressured by the Rise in Equities
Published On Thu, Nov 27 2008, 11:02 GMT - Market remains skeptical despite new steps, dollar stable
Published On Wed, Nov 26 2008, 10:52 GMT
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