Dollar Sees Mixed Trading Ahead Of German IFO Business Climate, Thursday, July 26, 2007 2:30:56 AM
The US currency slipped against the European majors in late New York trading on Wednesday but the pairs reversed the losses in the early Asian deals on Thursday. Of late, the greenback has been seeing mixed performance.Largely, the dollar held its multi-day highs gained on Wednesday against the major currencies through late trading on the day and in the Asian deals on Thursday. Against the yen, the greenback improved further, confirming its reversal from a 10-week low, which was hit yesterday.
On Wednesday, the US currency gained momentum in the European deals and continued higher in the North American deals despite a brief trend downwards on the way. Data release showed that the existing home sales decreased more than expected in June in the US, while the prices recorded a modest increase.
The British Nationwide house prices declined more anticipated in June according to the official release at 2:00 am ET amid which the pound declined against the dollar.
Following the Nationwide data, the markets are waiting for the German July IFO business climate indicator expected at 4:00 am ET. However, investors are focusing on the US new home sales and durable goods orders data expected late in the morning.
The dollar slid against the euro in late New York trading on Wednesday and the pair hit as low as 1.3727 compared to the previous session close of 1.3713. The pair, however, reversed the losses in the early Asian deals on Thursday, but it changed its direction toward the end of the session. Investors are looking forward to the German July IFO business climate indicator at 4:00 am ET.
Against the sterling, the dollar weakened slightly in late New York deals on Wednesday but rebounded in early Asian deals on Thursday. On the way up 2.0541, the pair lost the momentum by about 10:45 pm but has regained it lately, pushed by a slower-than-expected house price inflation number released by the Nationwide. As of now, the pair has been trading near 2.0485 compared to its preceding day`s New York session close of 2.0522.
Against the Swiss franc, the US dollar dipped to 1.2127 from 1.2136 in late New York trading on Wednesday but held steady a little above 1.2136 through much of the Asian deals on Thursday. However, the pair staged a short spike at about 2:00 am ET, likely influenced the British release. As of now, the pair has been trading near 1.2146.
The US dollar held a tight range against the Japanese yen during late New York trading on Wednesday but moved up to 120.73 from 120.50 in the early Japanese deals on Thursday. The Japanese Corporate goods and services price indices were released at 7:50 pm ET Wednesday, which is likely to have influenced the deals around then. However, thereafter, the pair saw directionless trading, largely bouncing between 120.40 and 120.65.
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posted by Kalin Tasev @ 12:22 AM
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