Chinese Direct Foreign Investment figures, released yesterday, proved disappointing and the Australian currency broke the long-term upward trend by falling to 0.9860. This drop extended to the New Zealand dollar and the Canadian dollar, albeit to a lesser degree.
The current theme for foreign exchange has been the same for the last several days: The Federal Reserve is in talks to find ways of reducing its monetary injections (quantitative easing), while Europe (and several other countries) are discussing how to stimulate their economies. The growth spread between the U.S. and Europe is apparent (negative GDP in Europe vs. positive GDP in the U.S.) and should result in the rise of the USD. The DXY U.S. Dollar Index (USD relative to a basket of foreign currencies) is currently testing its 2012 highs at 84.10.
Many economic indicators will be released today, including U.S. Inflation, Building Permits and Housing Starts data. Olivier Cosialls
Range of the day : 1.0140 - 1.0240
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Daily Forex : May 16, 2013
Published 05/16/2013, 03:14 PM
Updated 05/14/2017, 06:45 AM
Daily Forex : May 16, 2013
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