USD Trading Outlook (01-10-2010)
U.S. Dollar Trading (USD) strong risk appetite allowed US stocks to rally at the open but the market reversed direction sharply as profit taking into the month end took hold. US Q2 GDP was revised higher to 1.7% vs. 1.6% previously. Weekly Jobless Claims improved to 453k vs. 469k previously. October Chicago PMI increased to 60 vs. 56 previously. In US stocks, DJIA -47 points closing at 10788, S& P -3 points closing at 1141 and NASDAQ -7 points closing at 2368. Looking ahead, September ISM Manufacturing is forecast at 54.5 vs. 56.3 previously. Also released, August PCE Index previously at 1.4% y/y.
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