U.S. Dollar posted a strong gain after bearish economic reports this morning
The U.S. Dollar posted a strong gain after bearish economic reports this morning triggered a massive sell-off in U.S. equity markets. Investors were encouraged to dump higher yielding assets for the safe haven Greenback. Two different reports indicated a drop in consumer spending and sentiment. U.S. Personal Income was flat but Personal Spending indicated that consumers are still paying off debt and saving their money. The drop in the Michigan Sentiment showed that consumers are
Trade of the Day
The Euro lost some major ground this week because of a downturn in the U.S. Stock market. The fear is coming back and it appears as if the recovery that everyone was so excited about is not happening as expected. Lets go straight to the daily chart and see what we have. Daily Chart We can see that the pair has been trending upwards for some time now. Also notice the blue trendline is currently being tested. If we see a break of that trendline on the daily chart we could