The USD continued its strong pace against the EUR and GBP on Monday as it moved to the stronger parts of it recent range. Safe haven pressure was the story of the day as Wall Street struggled and all the major indexes suffered losses. The U.S. released light data yesterday including Personal Spending and the results were near expectations. The gist of the day belonged to the languishing sentiment that has carried over from the negative opinions that have been expressed much of August. Today marks the end of the month and there are several rather interesting reports on schedule. The day starts off with the SP/CS Composite-20 HPI and will be quickly followed by the Chicago PMI reading. The CB Consumer Confidence data will then come out and after this the FOMC Meeting Minutes will be published.
President Obama tried to get into the act yesterday, but his speech didn’t warm the hearts of investors. The U.S. economy finds itself sitting in the midst of troubling circumstances. The data today will be important, but jobless figures begin in earnest tomorrow with the ADP report and will climax on Friday with the Non Farm Employment Change statistics. Yesterday’s trading volume on Wall Street was extremely light and this helped propel the market downward without much in the way of support. The FOMC Meeting Minutes may provide fascinating reading for observers today. Rumors have been rampant that the Federal Reserve’s ‘ruling council’ has not seen eye to eye recently and that the level of debate regarding policy has become heated. President Obama’s speech yesterday showed that the government has the ability to use rhetoric about joblessness, but the question investors are asking is what real possibilities exist to create not only stability but growth. The USD proved to be a magnate yesterday and it may continue to find backers if nervous markets persist.
Written by bforex.com