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CURRENCY TRADING SUMMARY – 2 MAY 2008 (00:30GMT)
• U.S. Dollar Trading (USD) strengthened against most of the majors on Thursday as the U.S saw positive data released combined with a surging equity market and more interest rate conviction which prompted confidence in the dollar. The ISM Manufacturing Index for April came in above expectations of 48, matching March’s index of 48.6. The PCE Index for March came in above the previous level of 0.1%, seeing a result of 0.3%. Core PCE bettered suggestions of 0.1%, with a result of 0.2%. Jobless claims did come in worse than the expected 360k with a result of 380k. U.S personal income rose 0.3% in March with spending up 0.4%, ahead of expectations. In share market news, U.S equities soared as more certainty in interest rates and positive corporate news gave investors confidence. The Dow Jones finished 189 points higher (1.5%), whilst the NASDAQ surged 67 points (2.8%). Oil prices fell in response to a stronger dollar, weakening U.S demand and the ending of a strike by oil workers in Nigeria. Prices dropped US94c a barrel to US$112.52. Looking ahead, Non-farm Payrolls for April is announced on Friday with expectations of a drop to -100k, worse than March’s result of -80k. The Unemployment rate for April is also announced on Friday, with forecasts of a rise from 5.1% to 5.3%.
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