Dollar Currency Traders are Nervous
July 28, 2009 by Trace
Filed under Trading in the Market
In the currency markets we find the Euro trading 59/100ths of U.S cent higher at $1.4274. Dollar traders are nervous in advance of today’s U.S economic data.
While the calendar is thin; it contains an important report in the form of Consumer Confidence for July. Economists are calling for a reading of 49; down a shade from June’s 49.3. Consumer Confidence is the overriding driving force behind consumer spending. Spending drives our economy. The slight deterioration is giving traders reason to pause.
Today’s economic calendar also carries the Case Shiller Home Price index for May where the estimate calls for home prices to be down by 17.9% compared to last month’s annualized decline of 18.2%. It’s another case of bad but better.
Metals are trading lower this morning Silver is $13.99 down 4 cents. Gold is $2.00 lower and changing hands at $951.00. Palladium is down 1 dollar at $259.00. Platinum is $1,214.00 down 1 dollar in overnight trading.
Over in the energy sector Crude oil is flat with the last trade at $68.27 off 11 cents. In the equities market stocks as measured by the Dow Jones Industrial Average ended yesterday with a marginal gain of 15 points. This morning the Dow looks 29 points lower.
Asian markets closed a shade lower with Europe in the process of following suit. In world matters Israeli officials warned of a possible strike against Iranian nuclear facilities. The comments were made during Secretary of Defense Gates’s visit to Israel.
On the domestic front it appears that the contentious Health Care Reform Bill will not be voted on before the pending Congressional recess.
