Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders


Good News from U.S. Economy

July 5, 2007 (Last updated on November 30, 2009) by

With an impressively high ISM Services index today’s macroeconomic data from United States was a very optimistic news for USD bulls. June ISM non-manufacturing index came out at 60.7% — 1% higher than May number, and a lot better than expected, since the negative change in ISM index was expected. Crude oil inventories for the previous week came out at a very good level too. They rose 3.1 million barrels — which will probably mean that there will be no problems for the U.S. holidays period. Initial jobless claims were a bit worse than expected (318,000 against 315,000) — but it’s not a big deal really, especially if overall unemployment data which will come tomorrow will be OK.
As for the Eurozone — European Central Bank decided to leave the interest rates at 4% — no surprise here. But they also didn’t mention any dangers of inflation, like they did before, so it might be a first sign for the end of ECB rate hike.
Bank of England increased the interest rates to 5.75% as expected. The main concern for them is still an inflationary pressure, but the biggest locomotive of the consumer prices in United Kingdom — real estate market is showing a slowdown.

Comments are closed.