Wednesday, 29 Aug 2012
The US dollar saw bearish movement against most of its main currency rivals yesterday, as investors continued to await news regarding possible new steps the Fed is getting ready to take to boost the US economic recovery. Against the Swiss franc, the dollar tumbled close to 70 pips during the European session to trade as low as 0.9552. A slight upward correction brought the greenback above the 0.9560 level by the end of European trading. The USD/CAD fell more than 60 pips before finding support at the 0.9851 level.
Turning to today, a batch of US news may be able to help the dollar recoup some of its recent losses. Traders will want to pay attention to the US Prelim GDP and Pending Home Sales figures. Both indicators are forecasted to show improvements in the US economy, which if true, may signal to investors that the Fed will hold off on implementing a new round of quantitative easing. In such a case, the dollar could see gains against its riskier currency rivals, including the CHF and CAD.
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