Alan’s Forex Blog

Dollar reverses earlier losses in early US session, riding on better than expected housing data. Existing home sales unexpected rose…

The year is quickly wrapping up but that didn’t stop traders in Asia from reducing their risk and taking off positions in the JPY crosses.  USD/JPY initially gapped higher but steadily sold off on light volume.  The USD was weaker against other pairs as well as EUR/USD and AUD/USD also traded higher.  EUR/JPY grinded through Friday’s lows below 165.00. What was expected to be a generally calm trading day in Asia turned into a very directional day.  The market is still

Forex Daily Technical Report Dollar Weakens Further on Last Day of 2007 Dollar weakens further in the last trading day of 2007, with EUR/USD and USD/CHF now pressing some important near term level. The more apparent strength is seen is Aussie and Kiwi which are trying to catch up with weakness in the greenback. Meanwhile, Sterling remains the weaker one in majors and continues to be soft in EUR/GBP and GBP/CHF crosses. US Existing home sales is the only economic data scheduled today and is

A technical recovery for the Dollar? Central banks and the New Year Pakistan and the price of oil The recovery in the dollar since late November and its partial submergence this week were end of the year technical plays. From August to November the dollar lost over 11% against the euro, profit taking on such an exceptional trend was inevitable, especially in December. The dollar fall since last Friday was a reversal triggered by the weak durable goods number on Wednesday. Neither move is

The dollar lost most of his latest gains vs. the majors, toward the end of last week as weak data…

U.S New Home Sales at 12 year low. Existing home sales out on New Years Eve U.S. Dollar Trading (USD) remained pressured following conflicting data on Friday. Chicago PMI rebounded well for the month of December coming in at 56.6 above the forecasted 51.8, yet any gains for the currency were capped by a decline New Home Sales which fell -9.0%, seen at 647k for November to set a new 12 year low. The data gave further indication that the housing slow down still had further scope for worsening

The US Dollar tumbled significantly last week amidst heightened risk aversion following the assassination of former Pakistani PM Benazir Bhutto….

Good morning welcome to this last day of 2007. American dollar it’s ending the year the way it moves all of it, particularly the last semester: under big pressure; last Friday New Home Sales, way beyond expectations drove greenback down against most rivals, pushing Euro above the 1.4700 mark, and Japanese yen to the zone of 112.30, and the good reading in Chicago PMI was not enough. With Japan markets on Holiday, and today’s earlier close of the American session, there is not much to expect,