Dollar at New Record Low Against Euro After Disappointing Retail Sales
Dollar’s recent decline resumes in early US session after retail sales came in much worse than expected. Headline retail sales unexpectedly fell -0.9% in Jun, lowest in 2 years, dragged down by sharp declines in auto sales, furniture and building supplies.
Dollar Steady After Trade Balance, Euro at New Record Highs
Dollar makes another record low against Euro today. However, the widened trade deficit in US, which rose to -$60b, hasn’t fueled further selling in the greenback. Instead, dollar is still holding on to the near term support against sterling and swissy, with EUR/USD capped below key medium term resistance.
Another Week Dominated by Carry Trades
It’s yet another week dominated by the carry trade as yen crosses continued to make new highs. Dollar’s decline against most currencies except the yen stabilized a bit, but Friday’s strong employment report was not enough to trigger any significant rally in the greenback.
Dollar Extends Rally Against Yen After Strength in Non-Farm Payroll
Dollar extends rally against the Japanese yen after stronger than expected Non-Farm Payroll report. Jobs increased by 132k in June, higher than consensus of 120k. More impressively, May’s job growth was revised strongly higher from 157k to 190k.
Dollar Recovers on NFP Speculation, Sterling Lower Despite BoE Hike
Dollar is trying to stage a recovery in US session after strength in ADP employment report prompted some short covering on speculation of an upside surprise in tomorrow’s Non-Farm Payroll.
Dollar Remains Weak After ISM Manufacturing, Swissy Soars
Dollar remains weak in early US session even though ISM manufacturing index posted the third consecutive month of improvement in June. The headline index rose to 56.0, which was the highest reading since April 2006.
Dollar Extends Weakness after PCE, CAD Sold off from New 30 Yr High
The greenback resumes recent decline against European majors earlier today and remains weak after May PCE data. Both personal income and spending missed expectations by rising 0.4% and 0.5% respectively.
Focus Back to US Data and FOMC
After breaking through important support from the prior week, the Japanese yen remained under tremendous pressure as the carry trade remains one of the dominant themes.
Sterling Soars After Hawkish Shock in MPC Minutes
Sterling soars sharply higher today after MPC minutes revealed a much tighter than expected vote to keep rates unchanged at 5.5% in June. While market expected a 7-2 vote split, 4 members, including Governor King, voted in favor of an immediate hike.
Dollar Mixed After Housing Data, Euro Lower on Disappointing ZEW
Euro was sent lower across the board after the ZEW Index of Economic Sentiment for Germany unexpectedly fell from 24.0 to 20.3 in Jun, much weaker than expectation of a rise to 29.0. Market’s focus is shifting to Friday’s Ifo index.
Dollar Sent Lower by Bernanke but Drawing Support from ISM
Dollar’s sell off resumes in early US session after comments from Bernanke.
Dollar Tumbles, Correction Done?
Dollar is seen weaker against Euro earlier today after Eurozone PPI came in stronger than expected but the weakness spreads across the board when markets enter into the US session.