Dollar gains helped by upbeat Retail Sales data!
- The dollar rose on Wednesday's currency markets supported by rising US Treasury Yields and better-than-expected Retail Sales Data. On Tuesday's Federal Reserve meeting the Fed confirmed their 600 billion dollar bond buying program in an effort to fight a stubborn inflation. Upbeat Retail Sales data boosted investors' confidence over the US economic recovery pushing the greenback higher.
- The euro slipped after rating agency Moody's put Spain's debt on review with a possibility of Spain's downgrade. Fears over euro zone debt contagion rose again weighing on the single currency. The euro fell as low as 1.3292 breaking below the 1.33 level versus the US dollar and the pair is now trading at 1.3304 dollars.
Currency to watch out for: EURUSD & USDJPY
- § The EURUSD pivot point is at 1.3395 with a preference to enter into Short positions at 1.3385
- § The USDJPY pivot point is at 83.45 with a preference to enter Long positions at 83.5
Today's calendar and market movers:
§ UK's Unemployment Rate forecasted at 7.7%
- § US November Consumer Price Index forecasted at 0.2%
- § US Industrial Production forecasted at 0.3%
- US equities closed positive on Wednesday with the S&P500 up 0.09% and the DJIA up 0.42%. The European bourses were mixed with the FTSE traded positive 0.52% the CAC closing up at 0.27% and the DAX closing down -0.03%. The NIKKEI and the HSI at the time of writing is -0.07% and -1.65% respectively.