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US data shines again – dollar extends gains

New home sales rose to 476K. They were expected to continue advancing from the strong 466K (revised from 454K originally reported)  last month to 462K this time. The previous data and the new data are both great.

The CB Consumer confidence jumped to 81.4 points, better than expected.  It was predicted to slide from 76.2 to 75.2 points. This is the highest number in over 5 years.

EUR/USD slipped below 1.3080. USD/JPY is already at 97.85, extending gains from previous positive US surprises.

Also the  Richmond Manufacturing Index came out better than predicted, turning positive: from -2 to +8 points, better than 0 that was estimated.

Earlier, durable goods orders came out better than expected, rising by 3.6%. House prices are also on the rise according to Case Shiller.

So far, the data has been positive, but the gains for the US dollar have been limited. This isn’t a one way street. One of the reasons for the slowing down of USD gains is that Fed officials are trying to put the genie back in the bottle  regarding tapering. Their success is limited, but it is still felt.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.