(CRWE, USB, PBT, IFN) Stock Report from CRWESelect.com
Fitch Confirms U.S ‘AAA’ Credit Rating, Dollar Firm Against Yen
The U.S dollar is trading firmly today against the majors, after Fitch confirmed the U.S credit rating at ‘AAA’. Some currency analysts are viewing today’s news as evidence that the U.S dollar is still one of the major ‘safe-haven’ currency to go to during uncertain global economic outlook.
USD/JPY has reached the 77.04 low, hitting the 19 weeks low. As the currency pair is getting closer and closer to the 76.25 low (March 19th, 2011), the BOJ has stepped up the speculations of a “solo intervention” to weaken the Yen. Don’t expect the U.S or the EU to coordinate with the BOJ an “international” intervention, since they are facing their own economic dilemmas.
This week the EUR USD penetrated the 1.31 price level for the first time since May. The primary driving forces behind this move were the better outlook for the Euro Zone economy and the weak outlook for the U.S. economy. The data out of Europe may have brought the European Central Bank closer to a rate hike than the Fed.
Improved Outlook for Earnings Boosts U.S. Equities
U.S. Stocks Called Lower as Traders React to Asian, European Weakness
U.S. Dollar Poised to Open Better; Stress Test Concerns Underpinning Greenback
The U.S. Dollar is trading higher against most currency markets this morning ahead of the opening in New York. Although the Greenback closed lower on Tuesday, it started to regain earlier losses about mid-session on concerns about a slow down in global growth, European bank stress tests and short-term oversold conditions.