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The U.S. Dollar remained strong against the Pound and the Euro yesterday. Credit downgrade warnings by rating agencies regarding some European countries such as Greece, Portugal and the UK continued to worry investors. The EUR/USD traded low for most of the day, as a result. Currently the pair is trading at 1.3600.
The USD did decline against the Australian Dollar and the Canadian Dollar, however. These pairs are currently trading at 0.9154 and 1.0267 respectively.
Wholesale Inventories is expected to be published later today. Although, this is not a significant parameter, investors will look at the result as a sign of the U.S. fiscal health. A lower than expected inventories reading might boost the USD higher against the other major currencies.
The most anticipated data from the U.S. will be published on Friday: Retails Sales, and the University of Michigan (UoM) consumer confidence survey. Traders are advised to build their positions tomorrow and Thursday while trade is still relatively calm.
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