Good Afternoon
US Durable Goods Orders were released this morning and were higher
than expected at 3.3%, surpassing expectations. This strengthened the US Dollar
against most currencies including the Euro, which had its gains from positive
German IFO data reversed from the durable goods report. The US Dollar
strengthened against commodity currencies but was weaker against European currencies.
The Canadian Dollar has been trading in a
range against the US Dollar and is stuck there for now ahead of Memorial Day
Weekend. As we head into the Memorial Day weekend the markets are quiet as
investors do not take big positions. Most currencies are stuck in ranges which
will likely continue for the rest of the day and into the weekend. EUR.CAD has
moved down back into the range that it was trading in yesterday.
The USD.JPY has gone down as the day goes
on in a steady climb down from the highs that were reached at the beginning of
the week. The Yen has appreciated as people begin to look at it as a safe haven
currency along with the Swiss increasing its value.
Have a good weekend
Yonah
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