BRIC meeting Hurts Dollar

17 June 2009 @ 05:23 am EDT

U.S. Dollar Trading (USD) was very strong in Asia as the Nikkei slumped from the opening following the negative lead from America. In Europe, talk that Russia would be discussing the USD at the BRIC meeting sent the Euro bouncing and it was not until weakness in US stocks that the USD could recover. US Housing data was strong with May Housing starts at 0.532M vs. 0.49M forecast. Oil traded above $72 a barrel briefly before easing into the close. Crude Oil closes down $0.15 to close the day at 70.47. In US share markets, the Nasdaq was down 20 points or -1.11% and the Dow Jones was down 107 points or -1.25%. Looking ahead, May CPI is forecast at 0.3% vs. 0.0% previously. Q1 Current Account forecast at -85Bn vs. -132Bn previously.

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