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Forex currency price chart of EUR and USD

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Rally Continues, Risk On

U.S. Dollar Trading (USD)

U.S. Dollar Trading (USD) with more positive news in the IMF upgrading World GDP to 4.6% vs. 4.2% the market extended its rally for a third day. The USD was weaker against most currencies as the safe haven was sold in preference for riskier assets. Weekly Jobless Claims dropped to 454k vs. 472k previously. In US stocks, DJIA +120 points closing at 10138, S&P +9 points closing at 1070 and NASDAQ +15 points closing at 2175. Looking ahead, May Wholesale Trade forecast at 0.5% vs. 0.7%.

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Bulls Return in Force

U.S. Dollar Trading (USD)

U.S. Dollar Trading (USD) was sold off aggressively in the European and US sessions as the Dow Jones posted its biggest rally since May. The only currency the Greenback could gain against was the other safe haven in the Japanese Yen with traders scrambling to cover positions given the dramatic shift in investor sentiment. In US stocks, DJIA +274 points closing at 10018, S&P +32 points closing at 1060 and NASDAQ +65 points closing at 2159. Looking ahead, Weekly Jobless Claims are forecast at 460k vs. 472k previously.

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Forex currency price chart of XAU and USD

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Asia Sparks Global Rally

U.S. Dollar Trading (USD)

U.S. Dollar Trading (USD) continued to be under pressure as the stock market rallied and US data disappointed. June ISM Services dropped to 53.8 vs. 55.4 previously and confirms a long string of recent data that the US economy is growing slower than previously. In US stocks, DJIA +57 points closing at 9743, S&P +5 points closing at 1027 and NASDAQ +2 points closing at 2093.

European Euro

The Euro (EUR) continued to press higher breaking above 1.2600 as European stocks rallied more then 2%. The European Debt crisis is subsiding for now as a Spanish Bond offering yesterday went well. Market focus is now turning to the European Bank Stress tests slated for release on July 23.EUR/USD traded with a low of 1.2480 and a high of 1.2664 before closing at 1.2610. Looking ahead, Q1 GDP is expected to be confirmed at 0.2% q/q.

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