Encouraging Data Boosted The US Dollar
Reports showing that US durable goods and new homes sales increased for April saw the US dollar strengthen during Wednesday’s sessions. This encouraging data boosted the US dollar against the euro, Swiss franc and New Zealand dollar while the greenback fell against the British pound, Canadian dollar, Australian dollar and the Japanese Yen.
Forex trades at Forex WebTrader saw the US dollar face mixed results in the wake of the two major economic reports. US new home sales rose during April as American home buyers took advantage of the final month of an $8,000 tax credit currently available. Purchases of new homes in the US rose to an annual rate of 504,000 in April, a 14.8 percent increase from the previous month.
The news that durable goods orders in the US rose by 2.9 percent in April to a total of $193.9 billion caused the US dollar to rally against many other currencies. April’s gains marked the fourth increase out of the last five months for durable goods orders in the US.
Even with such encouraging news coming out of the US their currency still lost ground against the volatile British pound and also against the Japanese Yen, which has been on somewhat of a charge recently.
If you want the chance to trade Forex for yourself visit www.forexwebtrader.com where you will be able to open a new Forex trading account in a matter of minutes and can open an account with as little as $25. You can also earn a 10% welcome bonus when you first fund your Forex WebTrader account too.
