Fundamental Updates \Nick Nasad \ 10:28 AM EST \ February 17th, 2010
The US Dollar rose against the Euro and Yen in today’s trading as positive fundamental data including better than expected housing starts and industrial production increased speculation that the Federal Reserve will tighten monetary policy sooner than previously anticipated.
For a breakdown of today’s fundamental data see today’s US Data Wrap Up
The USD/JPY broke a month-long downward sloping resistance trendline to the upside, with the pair surging to the 91 level by 10AM EST. This was the highest the pair had been in two weeks and undid the decline in the pair following a sell-off in equities and strength int eh Yen following Greece’s debt problems on February 4th. The pair now comes up against horizontal resistance.
As for the EUR/USD, a rise in risk sentiment in yesterday’s session helped the Euro to rally from the 1.36 level to 1.3787 in today’s overnight trading. But traders, not convinced that the problems with Greece have a resolution sold the Euro today, an indication that yesterday’s rally may have gone too far. The pair was trading below 1.37 as of 10:20AM EST.
Market Update: Greenback Strengthens on Positive Data
Fundamental Updates \ Nick Nasad \ 10:28 AM EST \ February 17th, 2010The US Dollar rose against the Euro and Yen in today’s trading as positive fundamental data including better than expected housing starts and industrial production increased speculation that the Federal Reserve will tighten monetary policy sooner than previously anticipated.
For a breakdown of today’s fundamental data see today’s US Data Wrap Up
The USD/JPY broke a month-long downward sloping resistance trendline to the upside, with the pair surging to the 91 level by 10AM EST. This was the highest the pair had been in two weeks and undid the decline in the pair following a sell-off in equities and strength int eh Yen following Greece’s debt problems on February 4th. The pair now comes up against horizontal resistance.
As for the EUR/USD, a rise in risk sentiment in yesterday’s session helped the Euro to rally from the 1.36 level to 1.3787 in today’s overnight trading. But traders, not convinced that the problems with Greece have a resolution sold the Euro today, an indication that yesterday’s rally may have gone too far. The pair was trading below 1.37 as of 10:20AM EST.