Forex Daily Analysis – June 20th 2008

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The British pound leaped 50 pips after the retail sales surged higher surprisingly. The market had expected a 0.1 drop and was surprised to hear about a whopping 3.5 percent, the highest in 22 years.

In Switzerland, the central bank met expectations by keeping the interest rate at 2.75%. The decision came despite inflation worries. Some had expected a hike in the rate.

Also in the US, a few economic indicators were published, but none caused a significant move for the US dollar. The US leading economic indicator, Bank of Philadelphia Survey and unemployment data remained mostly unchanged.

In Germany, the Producer Price Index rose higher than expected. It sent the EUR/USD to 1.5532.  More interesting economic information is due to the day.

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About Author

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.

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