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We have seen lot of buying interest on USD today mainly due to strong housing market numbers in US and weaker Eurozone and U.K. data, as a result EUR & GBP dropped to fresh multi-month lows. The outlook for the U.S. economy leaves a lot to be desired but at the end of the day, dimmer prospects abroad is making the dollar and U.S. assets more attractive to foreign investors.
Consumer price growth rose less than expected but housing starts and building permits rebounded strongly in the month of July. The Fed had been worried about the outlook for the housing market but between the rise in the NAHB index yesterday and the upside surprise in today’s reports, the central bank will be comfortable with their plan to end Quantitative Easing in October. The minutes from the last FOMC meeting is scheduled for release tomorrow and if they contain a less dovish bias, we could see further gains in the greenback.
Consumer price growth rose less than expected but housing starts and building permits rebounded strongly in the month of July. The Fed had been worried about the outlook for the housing market but between the rise in the NAHB index yesterday and the upside surprise in today’s reports, the central bank will be comfortable with their plan to end Quantitative Easing in October. The minutes from the last FOMC meeting is scheduled for release tomorrow and if they contain a less dovish bias, we could see further gains in the greenback.
