USD Trading Outlook (03-08-2011)
U.S. Dollar Trading (US) risk aversion dominated the market with stocks continuing their slide unimpressed by the debt deal. Personal income and consumption growth missed in June at 0.1% vs. 0.2% forecast m/m. European Debt concerns and US growth downgrades were the main catalyst for the downside action overnight. In US stocks, DJIA -265 points closing at 11866, S& P -32 points closing at 1254 and NASDAQ -75 points closing at 2669. Looking ahead, July ADP Employment forecast at 100k vs. 157k previously. Also released, July Services ISM forecast at 53.6 vs. 53.3 previously.
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