USD Trading Outlook (24-08-2012)
U.S. Dollar Trading (USD) some negativity entered the market overnight with FOMC member Bullard throwing cold water on QE3 optimism saying that data since the FOMC minutes had improved and that the minutes were ‘a bit stale’. Stocks reacted negatively and the USD gained against risk currencies. Weekly Jobless Claims crept higher but this was countered by stronger than forecast August manufacturing PMI and July New Home Sales. Looking ahead, July Durable Goods Orders forecast at 2.4% vs. 1.3%.
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