Dollar Falls Back – More Negative News from Housing Sector
May 24th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar eased slightly against the euro. Late Friday, the euro was trading at $1.5763 vs. $1.5727 on Thursday.
“Trade was relatively quiet on Friday, as both U.K. and U.S. dealers prepared for a long holiday weekend,” wrote currency analysts at Action Economics.
“This said, the dollar slipped through the N.Y. session, weighed down by still strong oil prices, a slumping stock market, and general concerns over the economic outlook,” they added.
In the day’s only hard number, the National Association of Realtors reported that resales of U.S. houses and condos fell 1% to a seasonally adjusted annualized rate of 4.89 million from 4.94 million in March. Bad enough, but in today’s coulda-been-worse environment, it nearly passed for good since it beat economists’ expectations for a drop to 4.83 million.
“Poor home sales and inventory data continued to weigh on the greenback as they underscore that however shallow this contraction may be, the U.S. is now in its 27th month of the rout in housing, with another possible six to twelve to go,” Nadler wrote.
Source: Dollar Falls Back – More Negative News from Housing Sector
Advertisement
The October 13th confirmation of new $5.7 trillion petroleum reserve has thrust the superpowers into an all-or-nothing energy stare-down. Here's how YOU could parlay their high-stakes chess-game into 190 TIMES YOUR MONEY or more...
Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.