Consolidation ciontinues in quiet
Posted On 2008/05/24 at at 11:17 PM by let's profitMid-Day Report: Consolidation Continues in Quiet
Trading Dollar weakens mildly against today as oil recovers after overnight's retreat. Nevertheless, markets are basically quietly stuck in range with long weekend in sight where US & UK markets will be on holiday next Monday. Existing home sales from US was a touch better than expected, dropping -1% to 4.89m annualized rate in Apr but the data has little impact to the markets so far. While, dollar may continue to trade with a soft tone, consolidation is more likely for the rest of today.
Released early in European session, Eurozone manufacturing PMI fell to 50.5 as expected. Services PMI dropped sharply from 52.0 to 50.6, much worse than expectation of 51.7. Second estimate of UK Q1 GDP was unchanged at 0.4% qoq, 2.5% yoy.
Market Overview Written by ActionForex.com
Trading Dollar weakens mildly against today as oil recovers after overnight's retreat. Nevertheless, markets are basically quietly stuck in range with long weekend in sight where US & UK markets will be on holiday next Monday. Existing home sales from US was a touch better than expected, dropping -1% to 4.89m annualized rate in Apr but the data has little impact to the markets so far. While, dollar may continue to trade with a soft tone, consolidation is more likely for the rest of today.
Released early in European session, Eurozone manufacturing PMI fell to 50.5 as expected. Services PMI dropped sharply from 52.0 to 50.6, much worse than expectation of 51.7. Second estimate of UK Q1 GDP was unchanged at 0.4% qoq, 2.5% yoy.
Market Overview Written by ActionForex.com
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