Brief Euro Rebound Stalls as Fitch Downgrades Greece
Fitch’s cut Greece’s ratings from B- to CCC, the agency’s first downgrade of the country since the February debt swap, ending a brief rebound in the common currency.
USD Outlook Remains Bullish as Retail Crowd Fades Momentum
The Dow Jones-FXCM US Dollar Index (ticker: USDOLLAR) rallied to a fresh yearly high of 10,141 and our proprietary Speculative Sentiment Index certainly reinforces a bullish outlook for the greenback as the retail trading crowd fades the underlining strength in the reserve currency.
Yen Top Performer as Aussie, Euro Stabilize; Sterling Tumble Continues
The US Dollar has been particularly strong the past two weeks, necessitating a pullback to relieve extreme technical conditions. As two of the hardest hit majors, the Australian Dollar and the Euro, consolidate against the US Dollar, the Japanese Yen has rallied on the back of strong first quarter growth data.
USD Falls as Leading Indicators and Philly Fed Index Unexpectedly Plummeted
The results of the Philadelphia Federal Reserve’s manufacturing survey and the U.S. Leading economic indicators index for April released at 10:00 EST today both missed consensus forecast, pointing to slow growth in the world’s largest economy towards the middle of the year
