Commodity currencies vs USD
The Dollar fell across the board, slightly against the majors but plummeted against currencies tied to commodities. Equities rose sharply in Europe and in the US - adding weakness to the USD. A better than expected ISM Non-Manufacturing Index, showing the first expansion in more than a year boosted stocks. Wall Street rose after four days, with the Dow Jones gaining 1.18% closing at 9600 points. The NASDAQ rose 0.98% and The S&P 500 soared by 1.5%. Crude oil ended above $70 a barrel. Gold (XAU) rose and finished at the highest level in a week at 1016$ an ounce. Though I've traded XAU pretty successfully in the past, these levels are starting to make me a bit nervous. Oh, and Obama makes me equally nervous. Did the USD drop after Rio won the Olympic bid? ;-) Way to go "O"!
Scared to death of these levels - maybe its time to sit out and wait for a downside break. And a big thank you to Trichet for helping to pummel my beloved dollar even more!
The Dollar reached a 14 month low against all majors after continuous signs of global recovery increase investors\' appetite for risk. Adding to that was the U.S. Initial Jobless Claims that decreased to 10-Month Low of 521,000 and pushed the investors to higher yielding assets. NASDAQ and Dow Jones rose by 0.64% and 0.63% respectively. Crude oil jumped by 3%, closing at 71.69$ a barrel on the back of the Dollar\'s weakness and despite an increase in oil and gas inventories. Gold (XAU) reached to a new record high of 1060$ but closed lower at 1055$ an ounce. Today, Trade Balance is expected to slightly decrease from -32.0B to -32.8B.
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The Dollar fell across the board, slightly against the majors but plummeted against currencies tied to commodities. Equities rose sharply in Europe and in the US - adding weakness to the USD. A better than expected ISM Non-Manufacturing Index, showing the first expansion in more than a year boosted stocks. Wall Street rose after four days, with the Dow Jones gaining 1.18% closing at 9600 points. The NASDAQ rose 0.98% and The S&P 500 soared by 1.5%. Crude oil ended above $70 a barrel. Gold (XAU) rose and finished at the highest level in a week at 1016$ an ounce. Though I've traded XAU pretty successfully in the past, these levels are starting to make me a bit nervous. Oh, and Obama makes me equally nervous. Did the USD drop after Rio won the Olympic bid? ;-) Way to go "O"!