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9/6/2008 − the current market senitment
Mon, Jun 9 2008, 16:12 GMT
by Walid Salah El Din
The single currency retraced most of its gains after the US labor report which has shown a surprising increase of the unemployment rate to 5.5% in May from just 5% in April. The pair has found difficulty to stand above 1.58.
The ECB president Trichet's comments in his press conference after the ECB decision to hold the interest rate unchanged last Thursday that there can be a rate hike for stalling price stability over the medium term after the increased threats of inflation recently are still underpinning the single currency.
From another side today's US pending home sales rising monthly by 6.3% could give support t the greenback.
The British pound was also supported today by diminishing hopes of cutting interest rate as the historical increased of the UK input by 27.6% and output prices in May by 8.9%.
We wait later this week for the US trade balance of April which is expected to be -60b$ and US retail sales of May which is expected to increase by .4$ monthly after a decline in April BY .2%. We have also May CPI which is expected to increase by .5% from .2% in April.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
Published on Mon, Jun 9 2008, 16:13 GMT
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