U.S. Dollar Trading (USD)
U.S. Dollar Trading (USD) was under severe pressure most of yesterday as shares continued to slump driven by financial and energy stocks. Fed Chief Ben Bernanke commented on slowing growth and President Bush held a press conference to talk about his plans for offshore drilling with the combined effect of a severe pullback in Crude Oil falling over $9 per barrel at one point. The large drop in Oil allowed the dollar to pare some losses in the US session. US data included June PPI surging 1.8% m/m above expectations of 1.3% although Core PPI was a more moderate 0.2%. June Retail Sales were slightly weak at 0.1% m/m vs. forecasts of 0.4% although Core Retail sales came in 0.8%. In the U.S. share markets, the NASDAQ was up 2 points (0.13%) and the Dow Jones was down 92 points (-0.84%). Crude Oil closed down $6.44 ending the New York session at $138.74 per barrel. Looking ahead, June CPI is seen at 0.7% m/m with year on year at 4.5%. June Capacity Use is seen at 79.3 slightly down from 79.4 in May along with June Industrial Production expected flat at 0.0%. FED Chief Bernanke testifies again tonight.
U.S. Dollar Trading (USD) was under severe pressure most of yesterday as shares continued to slump driven by financial and energy stocks. Fed Chief Ben Bernanke commented on slowing growth and President Bush held a press conference to talk about his plans for offshore drilling with the combined effect of a severe pullback in Crude Oil falling over $9 per barrel at one point. The large drop in Oil allowed the dollar to pare some losses in the US session. US data included June PPI surging 1.8% m/m above expectations of 1.3% although Core PPI was a more moderate 0.2%. June Retail Sales were slightly weak at 0.1% m/m vs. forecasts of 0.4% although Core Retail sales came in 0.8%. In the U.S. share markets, the NASDAQ was up 2 points (0.13%) and the Dow Jones was down 92 points (-0.84%). Crude Oil closed down $6.44 ending the New York session at $138.74 per barrel. Looking ahead, June CPI is seen at 0.7% m/m with year on year at 4.5%. June Capacity Use is seen at 79.3 slightly down from 79.4 in May along with June Industrial Production expected flat at 0.0%. FED Chief Bernanke testifies again tonight.
European Euro
The Euro (EUR) made new record highs during the European session as US banking concerns intensified. The July German Zew survey stunned to the downside at -63.9% vs. expectations of -55%. The Euro shrugged off the poor data though trading above the 1.6000 level before a large slump in Crude Oil pushed the single currency lower. Overall the EUR/USD traded with a low of 1.5866 and a high of 1.6040 before closing the day at 1.5975 in the New York session. Looking ahead, the June HICP is seen at 0.4% after jumping 0.6% last month.
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