Dollar Stronger Against Euro, Pound
Dollar started to trade higher today against euro after the productivity report by the Bureau of Labor Statistics came out, as it was trading against pound sterling earlier in the morning after some bearish data on United Kingdom PMI and housing were released.
Nonfarm productivity (revised value) in third quarter of 2007 increased unexpectedly well - by 6.3%. Previous value was 4.9% and the analysts' expectations averaged at 5.8% growth. This indicator without any doubts will continue to strengthen dollar until the end of the week.
Factory orders in October also showed a growth that almost no one could see happening - 0.5%, while analysts' consensus was at 0% stagnation.
Bad news came with non-manufacturing ISM report which showed today that November Business activity index in services sector declined to 54.1% from 55.8% in October, which worse drop than it was expected - 55.0%.
Crude oil inventories again were in the red zone, but today with a very high negative value - 8 million barrels drop compared to previous week report. Combined with today's OPEC decision not to increase oil output, this news may hit dollar as the oil prices will surge to the new maximums.
Nonfarm productivity (revised value) in third quarter of 2007 increased unexpectedly well - by 6.3%. Previous value was 4.9% and the analysts' expectations averaged at 5.8% growth. This indicator without any doubts will continue to strengthen dollar until the end of the week.
Factory orders in October also showed a growth that almost no one could see happening - 0.5%, while analysts' consensus was at 0% stagnation.
Bad news came with non-manufacturing ISM report which showed today that November Business activity index in services sector declined to 54.1% from 55.8% in October, which worse drop than it was expected - 55.0%.
Crude oil inventories again were in the red zone, but today with a very high negative value - 8 million barrels drop compared to previous week report. Combined with today's OPEC decision not to increase oil output, this news may hit dollar as the oil prices will surge to the new maximums.
Labels: crude oil inventories, factory orders, forex fundamental analysis, gbp/usd, ism services, nonfarm productivity
posted by enivid at 4:55 PM
2 Comments:
The dollar has been oversold for quite some time, I'm really looking forward to a reversal
Free Forex Training
Yeah it is oversold especially looking at the monthly bollinger bands.
By the way i am looking for a link swap to my forex blog. If you are interest please leave me some message on my blog at Make Money In Forex
Post a Comment
<< Home