Dollar Under Pressure As Sellers Gained Momentum

Dollar Under Pressure As Sellers Gained Momentum

By: James Ansher | Where To Trade | On:28-04-2015 12:08
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Key Highlights

  • US Dollar continued to weaken against most major currencies, and it looks like it might trade further lower in the near term.

  • US Consumer Confidence released by the Conference Board came in at 95.2 in April 2015, compared to the forecast of 102.5.

  • Richmond Fed Manufacturing Index conducted by Federal Reserve Bank of Richmond declined to -3 in April, compared to the forecast of -2

  • US S&P/Case-Shiller Home Price Index released by the Standard & Poor's registered an increase of 5% in February 2015, compared to the same month a year ago.

Key Releases:

US Consumer Confidence (US Dollar)

US S&P/Case-Shiller Home Price Index (US Dollar)

US Consumer Confidence

Earlier during the NY session, the US Consumer Confidence capturing the level of confidence that individuals have in economic activity was released by the Conference Board. The forecast was slated for an increase from 101.3 to 102.5 in April 2015. However, the outcome was way lower compared to the forecast, as the US Consumer Confidence declined to 95.2. The Present Situation Index was also lower in April and fell by around 3 points to 106.8, and the Expectations Index decreased by more than 6 points to 87.5. Overall, the data was on the disappointing side, and weighed on the US dollar.

Commenting on the release, Director of Economic Indicators at The Conference Board, Lynn Franco, stated that “This month’s retreat was prompted by a softening in current conditions, likely sparked by the recent lackluster performance of the labor market, and apprehension about the short-term outlook”.

US S&P/Case-Shiller Home Price Index

There was one more release lined up in the US, as the S&P/Case-Shiller Home Price Index, which helps in probing changes in the value of the residential real estate market in 20 regions across the US was released by the Standard & Poor's. The outcome was a touch positive, as the S&P/Case-Shiller Home Price Index increased by 5% in February 2015, compared to the same month a year ago. This was on the higher side, compared to the forecast of 4.7% and the last rise of 4.6%.

Market Reaction

The US dollar was broadly lower, and was seen struggling a lot during the NY session. EURUSD and GBPUSD gained momentum and traded higher towards 1.0980 and 1.5300 respectively.

Futures for the Dow Jones Industrial Average gained by 50 points to trade near 18,088 and the S&P 500 index was up by 4 points to 2,113.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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