USD Trading Outlook (22-08-2012)
U.S. Dollar Trading (USD) in an interesting day of trade we saw US stock markets hit new 2012 highs before profit taking reversed the direction aggressively lower. The failure on the topside has led many analysts to issue notes warnings of a possible correction and this could have flow on to effects to the FX markets with risk off trade. No such effect has been seen on the EUR/USD and Gold so far however with both breaking higher overnight. Looking ahead, July Existing Home Sales forecast at 4.52mn vs. 4.37mn. July FOMC Minutes from the last meeting also released.
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