Dollar Little Changed Against Euro
Aug 13th, 2008 | By Doug Casey | Category: Financial News, US Dollar & Forex TradingIn the currency market, the dollar was marginally lower against the euro. Late Tuesday, the euro was trading at $1.492 vs. $1.4904 on Monday.
Some analysts are beginning to say that the euro selloff may have been a tad overenthusiastic.
“The market is taking a little bit of a breather,” said Greg Salvaggio, vice president for capital markets at Tempus Consulting Inc. “The drop was a little quick. Adding to dollar weakness is that equities are under pressure.”
Traders largely ignored data from the Commerce Department showing that the U.S. trade deficit for June narrowed 4.1% on record exports and a decline in non-oil imports.
The deficit surprisingly narrowed to $56.8 billion in June, from a revised $59.2 billion in May. That was far below economists’ projections for a deficit of $62.8 billion.
The main reason for the unexpected number was that exports jumped 4% in June to a record $164.4 billion, the biggest gain in four years. Meanwhile, real imports dipped 0.6%, leading Joel Naroff, president of Naroff Economic Advisers, to comment that, “We are not buying a whole lot of goods from anywhere.”
Source: Dollar Little Changed Against Euro
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