Dollar Manages a Rally vs Euro
May 23rd, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar reversed its recent trend and pushed higher against the euro. Late Thursday, the euro was trading at $1.5701 vs. $1.5791 on Wednesday.
The Labor Department reported initial jobless claims for the week ended May 17 came in at their lowest level since the first week of April, dropping by 9,000 to 365,000 on a seasonally adjusted basis.
That was apparently enough for traders to ignore more dismal housing data. The Office of Federal Housing Enterprise Oversight said home prices fell a seasonally adjusted 1.7% in the first three months of 2008, marking the largest quarterly price decline on record.
Analysts said the market is also concluding that not only will the Fed not lower rates at its June meeting, but that it will be forced to begin raising them again, perhaps as early as September.
But there wasn’t a large amount of optimism about the buck’s future. “The U.S. dollar’s tone is fragile and with oil prices showing little pullback, the budding dollar-bullish sentiment has been beaten back again,” wrote currency strategists at Brown Brothers Harriman.
Source: Dollar Manages a Rally vs Euro
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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.