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.
Protestors in opposition of the huge budget cuts faced in Greece set fire to a bank in which three employees were killed. The Greek demonstrators rioted following news of huge cuts to be made by the government in order for the struggling European state to pull its way out of the huge financial crisis that it finds itself in.
A deal has been put forward by both the European Union and the International Monetary Fund to offer a €100 billion rescue plan to Greece but this deal not only needs to be agreed by the 15 EU member states but also the people of Greece, who will face huge cut backs to public services and a steep rise in taxes. This uncertainty has led to the Euro performing badly at Forex markets such as Forex WebTrader.
During today’s Forex trading session the Euro Dropped Near To A 2010 Low Against The US Dollar while the Japanese yen rallied in the wake of speculation that China is about to revalue the yuan. Forex traders at online broker sites such as Forex WebTrader witnessed the euro suffer against the dollar as fears about Greece’s ability to repay its fiscal debt continue to grow within trading circles.
The euro plummeted very close to its lowest value against its US counterpart this year during today’s trading session as increased doubts about Greece’s ability to tackle its debt crisis continue. Even in light of European Central Bank president, Jean-Claude Trichet announcing that he expected the euro zone to grow at a ‘moderate pace’ during 2010, the euro still fell back against the dollar.
A bigger than expected rise in inflation for China has led to speculation that the Asian super-power will create new inflation-halting monetary policies, which in turn has seen traders and investors at various forex, commodities, stocks and other Trading Markets Across The World Slow Down. This has had an effect on markets such as the FTSE, which struggled to make any advances on Thursday morning.
China’s National Bureau of Statistics released a report today stating that the country made a 2.7% year-on-year gain in its consumer prices during February. Along with the advancing consumer prices China’s industrial production rose by 20.7% during January and February, the biggest increase for the first two months of the year for over five years. Yesterday’s economic report also showed a much bigger than expected 46% year-on-year increase in exports for February.
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Good news for all of you forex traders with long term trades in the US dollar. The dollar has continued to strengthen following its recent resurgence and will have been assisted by the new figures released by the US Labor Department. This figures showed that US unemployment rates fell from 10.2% to 10% since November. This, along with other encouraging news such as US factory orders rising by 0.6% has driven the US dollar up against almost all other currencies. This is why many Forex Traders Continue To Buy US Dollars at trading sites such as Forex Web Trader.
President Barack Obama declared the figures as “good news” but didn’t get carried away and insisted that there were “more bumps in the road to economic recovery”. Even though, due to the size of the US’ economy, the US Labor Department described employment as “essentially unchanged” this latest boost to the US economy, however small will continue to have forex investors looking at the US dollar as a favourable bet.
