Daily Forex Outlook...
Euro breaks the key 1.60 level following hawkish outlook for the Euro Zone. Aussie CPI due out today.
CURRENCY TRADING SUMMARY – 23 APRIL 2008 (00:30GMT)
· U.S. Dollar Trading (USD) weakened yesterday as hawkish comments coming from the Euro Zone pushed the Euro to a record high of 1.6018 against the greenback. Traders are now adding to bets the next move by the ECB will be to hike rates in reaction to continual inflationary concerns, which may see the dollar weaken even more in the short term. On Tuesday U.S Existing Home Sales for the month of March fell another -2% to 4.93 million, inline with expectations of 4.93 million, this figure was slightly down from 5.03 million in February. In share market news airline stocks fell as surging oil prices cut into profits, dampening investor sentiment. The Dow Jones fell by 104 points (-0.8%), whilst the NASDAQ lost 31 points (-1.3%). Oil prices again reached new highs as Nigerian oil supply concerns remain. Prices rose US$1.89 a barrel to US$119.37
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