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Dollar Steady During a Wave of Macroeconomical Releases

May 15, 2008

USD recovered from its daily minimums against euro after the important fundamental reports were released today in U.S. EUR/USD has been trading with 70 pip gain today, but currently it’s trading near its open rate. Only net foreign purchases and Philadelphia Fed index showed some positive developments for the U.S. economy, while other releases were of a very little help for dollar bulls.

Initial jobless claims remained quite high last week — they rose 6,000 compared to previous week and were at 371,000 — just 1 thousand above the analysts’ expectation.

NY Empire State manufacturing survey index fell down in May from 0.3% to -3.2%. That’s not a big fall, but it’s negative and the markets will react respectively.

Net foreign purchases of the long-term securities were at $80.4 billion in March — above the revised February level ($64.9 billion revised down from $72.5 billion). Forecast for March purchases was at $62.5 billion.

Industrial production and capacity utilization both declined stronger than expected in April. Industrial production dropped 0.7% after growing 0.2% in March and with only 0.3% drop expectation for April. Capacity utilization declined from 80.4% to 79.7%, while the forecast was at 80.2%.

Philadelphia Federal Reserve index rose a bit in May — from -24.9 in April to -15.6 this month. It’s the highest reading of this index (which measures the U.S. business outlook) in five months.

2 Responses to “Dollar Steady During a Wave of Macroeconomical Releases”

  1. Dewa

    Very Informative Blog, I will continue read this Blog…….
    Thanks

    Reply

  2. ForexTradingSecrets

    I sincerely hope that the dollar will stabilize even more and soon begin to rise in value as shown by recent changes in dollar value.

    Best regards,

    Reply

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