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Dollar Allows EUR/USD to Go Up and Pare Yesterday Gains

October 28, 2008

EUR/USD rose today for the first time after two days of decline as the decline of risk-aversion in the global economies caused the break in the current Forex trends. The fundamental from U.S. were very pessimistic today and probably won’t allow this break in the dollar and yen appreciation to hold for long.

Consumer confidence dropped significantly in October — from 61.4 to 38.0 — that’s 38% drop in a single month; the average forecast for this index was at 53.0.

Richmond Federal Reserve manufacturing index also declined in October — it fell from -18 to -26, while the market analysts expected it go down only to -20 this month.

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