The Dollar rose on the release of crucial data from the U.S., which showed Core Durable Goods Orders rose 0.8% and Durable Goods Orders rose 4.9%. These figures are proof that the U.S. economy is continuing to improve and rise out of the current recession. The USD was slightly bullish prior to this release. However, the data helped push the greenback even higher. In addition, German Business Confidence figures released earlier today helped push-up the USD in early trading.
What we have seen as of late is as the global economy improves, the USD seems to strengthen. This is the opposite of what was happening until recently, when positive economic data was pushing down the Dollar. So far today, the USD is trading 90 pips higher vs. the GBP at the 1.6244 level. Against the CAD, the Dollar is up by about 50 pips at the 1.0904 level. The EUR/USD pair is trading lower today by 40 pips at the 1.4265 level.
You traders should not miss out today, as there is much upcoming news set to impact the forex market. At 14:00 GMT there is the release of New Home Sales from the U.S., and at 14:30 GMT there is the publication of the Crude Oil Inventories. Both of these releases are set to dominate forex trading today. Moreover, if you want to make some big money as the trading day goes by, it's recommended that you open big positions in the USD crosses and Crude Oil now.