Easy-Forex Daily Economic Indicators

Easy Forex reminds Forex traders that the FOMC minutes are set for release today and offers a summary of the market for November 20, 2007.

Limassol, Cyprus (PRWEB) November 20, 2007 -- Easy Forex (www.easy-forex.com) reminds Forex traders that the FOMC minutes are set for release today and offers a summary of the market for November 20, 2007.

"Stock prices fall as credit woes continue and the USD rebounded," said Michael Konnaris, Chief Dealer, Easy-Forex.

U.S. Dollar Trading (USD) rebounded on Monday as drops in stock prices prevented traders from entering into risky carry trades, once again relieving the USD of its pressure against a number of high yielding currencies. Stock prices fell on Monday as Goldman Sachs Group Inc. sited a “sell'' evaluation on shares of Citigroup Inc., the largest U.S. bank. Earlier in the session the USD was able to gain against the Euro as China central bank Governor Zhou Xiaochuan said his country supported a strong dollar. In U.S. share markets the NASDAQ was down by - 43.86 points (-1.66%) whilst the Dow Jones also fell by – 218.35 (-2.66%). Crude oil firmed on Monday, which rose above US$95.00 before ending the day up by US$0.81 a barrel to US$94.65. Looking ahead, plenty of attention to be placed on the FOMC minutes of the Oct 31 meeting, in which markets awaits any indication of future monetary policy announcements. Also out of the U.S. on Tuesday, housing starts for the month is expected to come in at 1150k for the month of October, short of the previous 1191k.

The Euro (EUR) lost ground on the greenback although not as significant as other majors. The USD was revived in reaction to a drop in share prices causing carry trades to dwindle. Overall the EURUSD traded with a low of 1.4622 and a high of 1.4687 before ending the New York session at 1.4668.

The Japanese Yen (JPY) was the biggest market mover on Monday as investors were prompted to reduce the carry trade exposure in light of recent credit woes. The Japanese Yen was able to gain more than 0.9% against the USD and the Euro throughout the day. Overall the USDJPY traded with a low of 109.75 and a high of 111.07 before closing the day at 109.85 in the New York session.

The Sterling (GBP) came within reach of its lowest level in a month as reports showed that UK house prices had declined (-0.7%) in October fuelling expectations that the Central Bank may look to cut interest rates to rejuvenate the economy. The GBP also traded at a 4 ½ year low versus the Euro at 71.55 pence. Overall the GBPUSD traded with a low of 2.0453 and a high of 2.0555 before closing the day at 2.0491 in the New York session.

The Australian Dollar (AUD) failed to trade above key 90 cent levels during the Asian session, before a drop in stock prices caused the high yielding currency to be pressured. Overall the AUDUSD traded with a low of 0.8829 and a high of 0.8997 before ending the New York session at 0.8849.

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Jason Ballor, Media Relations

jasonb(at)easy-forex.com

357 25 828 899 ext 155

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