Despite the negative momentum during the second half of the trading session the Dollar collapsed following the FOMC’s minutes dropping to a record low of 80.79 points, one only seen last before February. This time round traders didn’t find interest in the Dollar as a safe-haven, preferring bonds, Gold and other currencies. Gold climbed during the session and closed with a daily gain of 1.36%.
On individual pairs, the GBP/USD failed to follow through during early morning hours as the money supply in England showed a major drop, while business investment dropped by a whopping -5.50%, compared to an expected -4%. The economy’s retail sales increased by 0.9%, showing that parts of the economy are beginning to show a mild recovery. The ONS noted that all sectors, apart from household goods and non-store retailing, showed a monthly rise.
Over in the European market the EUR/USD climbed higher, following yesterday’s momentum. After breaking resistance of $1.3739 the Euro followed through propelled by today’s data. Germany’s services PMI exceeded expectations coming out at 39.10, while Europe’s overall services PMI showed a 44.70 result compared to an expected 44.4 points. In addition manufacturing PMI results both showed a slight improvement.
On individual pairs, the GBP/USD failed to follow through during early morning hours as the money supply in England showed a major drop, while business investment dropped by a whopping -5.50%, compared to an expected -4%. The economy’s retail sales increased by 0.9%, showing that parts of the economy are beginning to show a mild recovery. The ONS noted that all sectors, apart from household goods and non-store retailing, showed a monthly rise.
Over in the European market the EUR/USD climbed higher, following yesterday’s momentum. After breaking resistance of $1.3739 the Euro followed through propelled by today’s data. Germany’s services PMI exceeded expectations coming out at 39.10, while Europe’s overall services PMI showed a 44.70 result compared to an expected 44.4 points. In addition manufacturing PMI results both showed a slight improvement.
Is the USD/CAD going to finally drop?
