USD Trading Outlook (03-07-2012)
U.S. Dollar Trading (USD) some inevitable profit taking occurred on Monday after the dramatic rally on Friday with some doubts on whether the EU plan to use ESM funds to bailout the banks and Spain going to be passed by all the EU members. News emerged that Finland and Netherlands were opposed to using the ESM to buy bonds and this sent the Euro and US stocks lower. June ISM Manufacturing also fell into contractionary territory at 49.7 vs. 50.5 previously and adds to calls for further Fed action to help the US economy. Looking ahead, May Factory Orders forecast at 0.2% vs. -0.6% previously.
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