Dollar Holds Gain after Friendly Consumer Confidence Report
The U.S. Dollar managed to hold on to its gains after erasing earlier losses following the release of a friendly Consumer Confidence report. Although the reported figure of 52.9 was slightly less than estimates, it still reflected continuing strength in the economy. This morning the S&P/Case Shiller report on home prices was flat. There was almost no reaction to this report by Forex traders. Expect more of the same trading tomorrow as major players remain absent during the holiday week.
The Dollar was down overnight as traders took advantage of the thin, holiday trading by taking profits after the almost month-long rally. Demand for higher yielding assets also contributed to the weakness for the second day in a row buoyed by a rise in global equity markets. Finally, some of the selling pressure can be attributed to concerns over rising debt in the U.S.
The EUR USD finished lower after giving up early gains. The friendly U.S. Consumer Confidence report erased overnight gains triggered by a report showing rising prices in Germany.
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