USD Trading Outlook (14-08-2012)
U.S. Dollar Trading (USD) traders were surprised by the strong move higher in the EUR/USD which took advantage of light trading conditions to return to the 1.23 handle. EUR/AUD and EUR/NOK short coverings where the main catalysts in the otherwise peculiar move higher in the Euro. Other Risk currencies lost ground against the Dollar with Gold and AUD the biggest losers. US Stocks have rallied each week for the last 10 weeks and could be close to correcting lower so traders will be closely watching downside moves such as yesterday’s. Looking ahead, July Retail Sales are forecast at 0.3% vs. -0.5% previously.
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