USD Trading Outlook (02-08-2011)
U.S. Dollar Trading (US) a massive relief rally in Asia reversed sharply in the US session on weak ISM data and concerns the debt debate may not be over. Earlier in the Asian session a speech by Obama that a deal had been agreed upon left the market to focus on the House/Senate votes. July ISM Manufacturing dropped sharply to 50.9 vs. 55.3 previously and caused the sharp sell off in stock markets. In US stocks, DJIA -10 points closing at 12230, S& P -5 points closing at 1286 and NASDAQ -11 points closing at 2744. Looking ahead, June Personal Income forecast at 0.3% vs. 0.3% previously.
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