USD Trading Outlook (05-10-2011)
U.S. Dollar Trading (USD) stock tested new lows and the Dollar new highs for most of the day until a dramatic reversal of sentiment at the end of the US session saw stocks soar and the dollar sold off. The news that sparked the rally was a combination of Bernanke talking up FED easing options and bank recapitalization talks in Europe. In US stocks, DJIA +153 points closing at 10808, S& P +24 points closing at 1123 and NASDAQ +68 points closing at 2404. Looking ahead, September ADP Employment forecast at 75k vs. 91k previously. Also, September ISM Services forecast at 52.9 vs. 53.3 previously.
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