SubscribeDaily Futures Commentary August 21, 2009
Friday, August 21, 2009
The U.S. Dollar is trading lower this morning following a turnaround in last night’s trading session after the release of better than expected data out of Europe. Early in last night’s trade the Dollar was trading higher, but reports from France and Germany turned the Dollar lower. Manufacturing in France and services in Germany both unexpectedly expanded reigniting speculation that the global recession was coming close to an end.
This was the second time in a week that both France and Germany were on the same page when it came to economic expansion. Last week both countries reported growth in second quarter GDP. Just like last week’s news, the overnight news triggered a rally in the September Euro. The September Euro rallied through a key retracement zone at 1.4247 to 1.4295 overnight. This move provided the power to take out the last main top at 1.4329 to turn the main trend to up.
The September British Pound is posting a gain this morning driven by the bullish economic news from Europe. Despite the rally this market is still trading below its key retracement zone at 1.6658 to 1.6749. …
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