Monday, May 19, 2008

Dollar Rebounds Versus Most Majors After Leading Indicators Edge Higher, Monday, May 19, 2008 10:51:14 AM

The dollar stormed back to the upside versus most majors Monday morning after the Conference Board released its report on leading economic indicators in the month of April, showing that its leading indicators index experienced a modest increase for the second consecutive month.

The report showed that the leading index edged up 0.1 percent in April, matching the increase that was seen in March. Economists had been expecting the index to come in unchanged.

The dollar rebounded from a two-week low against the euro, rising more than a penny to 1.55. The dollar jumped to 104.50 versus the yen and to 1.9470 against the euro.

The buck failed to gain much traction against the surging Canadian loonie, staying near this morning`s 2-month low of .99. The loonie has rallied lately as the price oil has risen to new record highs above $127 a barrel.

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