** YoY = Year over Year ** MoM = Month over Month | |||||||||||||||||||||||||||||||||||||
USD The Dollar fell broadly on Friday after data showing a stronger than expected housing report and positive comments from Federal Reserve Chairman Ben Bernanke reduced the safe-haven appeal of the greenback. The biggest thing of the day was Bernanke’s speech who said that a recovery is in site, although he did preface this with a warning that growth would be slow. Existing home sales rose again for the fourth month in a row which is giving signs that the bottom in the housing sector has been reached. At the close the Dollar was down .5% to the Euro to 1.4323, down .12% to the Canadian Dollar to 1.6505, down .53% to the Canadian Dollar to 1.081, down .43% to the Australian Dollar to .8347, down .75% to the New Zealand Dollar to .6821 and down .44% to the Swiss Franc to 1.0581. EUR Data reported on Friday showed that manufacturing activity contracted at a far slower pace than expected, and that the services sector decline seen over the past 11 months was flat in July, lifting the Euro a bit. Investors have still not picked up on the good news from the Eurozone despite positive growth reports from France and Germany and this signals the insecurity with the reported growth on behalf of the investors due to conflicting statements from EU officials. The next few weeks can go a long way to shedding more light on the economic situation in Europe. At the close the Euro was up .71% to the Japanese Yen to 135.2, up .5% to the British Pound to .8676, down .03% to the Canadian Dollar to 1.5487, up .1% to the Australian Dollar to 1.7155 and up .1% to the Swiss Franc to 1.5159. | |||||||||||||||||||||||||||||||||||||
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