** YoY = Year over Year ** MoM = Month over Month | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD More contradictory data came out on Wednesday, this time a disappointing Durable Goods Orders report. The bad news helped propel the Dollar to shake off all of this weeks losses as investors retreated from their riskier investments into the relative safety of the Greenback. The past few weeks has been difficult for investors, hearing things are getting better but not seeing the supporting data for those claims. Home sales rose 9.6% as well it was announced on Wednesday, however most of the rise was due to foreclosure sales and government auctions of foreclosed properties owned by defunct banks. At 11:00 PM GMT, the Dollar was up .32% to the Euro to 1.4249, up .005% to the Yen to 94.2, up .7% versus the Yen to 1.6244, up 1% to the Canadian Dollar to 1.0971, up .9% to the Australian Dollar to .828, up .4% to the Kiwi and up .65% to the Swiss Franc to 1.0679. Chart: AUD/USD The Australian Dollar has been interesting to watch lately, as it seems to have lost its ability to respond as positively to strong data and surrounding market conditions as it did in the past. This could mean we are setting up for a large correction lower if other risk markets ever turn more decisively negative. The first triggers are the 0.8235 area - the last gasp Fibonacci retracement support for the latest little wave. Then we have the longer term rising trend line not far below that and the 55-day moving average in waiting just below there at around 0.8140 currently. If the price crosses down through all of these, we could see a larger wave down toward the July low at 0.7702. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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