Dollar Moves Higher Against Euro And Sterling; Down Against Yen, Friday, July 27, 2007 4:15:49 PM
The greenback was generally stronger against its major counterparts as traders considered data showing that the American GDP rose 3.4% during the second quarter. This was above analyst estimates. The buck moved to a two-week best against the sterling and euro with the day`s rally. It was lower against the yen.The U.S. dollar gained against the euro on Friday in New York. The greenback started to rise at around 2 a.m. ET and continued to rise until about 8 a.m. It moved up again in the late morning and got as high as 1.3629 at 12:15 p.m. ET. Trading was level in the afternoon and the currencies were at 1.3637 at 4 p.m. ET. The rally has taken the dollar to a 16-day high.
The greenback saw strength against the sterling on Friday in New York and touched a two-week high. The dollar began to rise at around 2 a.m. and continued to do so until about 7 a.m. It rallied again and reached a resistance level of 2.0250 at 4 pm. ET. It returned to that level at 4 p.m.
The dollar was down for the day against the yen on Friday and remained near a three-month low. The greenback fell early and then settled into a range. The currencies traded between 119.27 and 118.42 through the morning and afternoon. The dollar was at 118.61 at 4:05 p.m., near the low end of the range.
Traders also looked ahead to next week`s Chicago and ISM business confidence data. Analyst Peter Possing Andersen is looking for the high levels to be maintained, suggesting that US industry will enjoy a robust start to Q3 and hence be supportive of growth prospects for H2. In general, Anderson said the data in the coming week is expected to confirm that the US economy excluding the housing market is still in fine fettle.
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posted by Kalin Tasev @ 1:58 PM
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