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After touching 1.5283 in Wednesday trade the USD bullish behavior is now over as for the rest of the week as uber hawkish Jean Claude Trichet dismissed any possibility of soon to come term rate cuts that will cause a quicker and shorter bullish behavior in the EURUSD pair.
As for this week however, the US data produced basically almost all positive surprises hinting that the economy may be a lot better than most analysts and speculators forecast.
What was the most impressive news on last week's calendar was the rebound in ISM Manufacturing report which printed at 52.0 versus 49.1 expected. With services data which comprises the vast majority of US economic activity, squarely above the 50 boom/bust line, the arguments for an imminent US recession have become considerably less persuasive.
14:09
Posted on May-12-2008
