Oli And Dollar Dropping

Dollar fell to 3-week low as Oil surged to record high and US stock dropped.

News and Events:

The Dollar fell to three-week lows against the Euro on Friday, dented after Oil prices surged to a record high, data showed US consumer sentiment hit a 28-year low and Wall Street stocks extended their slide.

The Dollar would stay under pressure after US financial shares fell on Friday on worries about more credit losses. Lehman Brothers forecast Merrill Lynch would write down another $5.4bio in the 2nd quarter, while Moody's said it may cut Morgan Stanley's credit rating.

The European Central Bank holds a policy meeting on Thursday and is widely expected to raise rates to 4.25% fight rising prices. The key US jobs data is also due on Thursday.

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British Pound Grows on April PPI Report

The Great Britain pound rose today against the U.S. dollar and the euro, partially recovering its losses from the last week, as the record high PPI growth added confidence that the Bank of England will not lower interest rates next time.

The prices for the British long-term securities declined today, while their yields increased, showing a higher inflation pressure for the economy of the United Kingdom.

The country’s producer price index increased 7.5 percent in a year-to-year comparison in April — the highest annual growth in a 24-year period, since the PPI record began. April to March gain in PPI was at 1.4 percent — also a record monthly growth rate.

EUR/GBP had a first significant drop this day since May the 1st as the currency pair declined from Friday’s close level 0.7923 to 0.7889 as of 11:51 GMT. GBP/USD had a first large growth since 30th of April today, it went up from 1.9506 to 1.9578 as of 11:51 GMT.

This entry was posted on Monday, May 12th, 2008 at 2:10 pm and is filed under Great Britain Pound. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

ForexGen provides its institutional clients with incomparable professional and individualized trading services. As a professional online trading service, ForexGen provides several facilities for all kinds of traders. Our corporate and managed trading service performance are based on respect and appreciation which is only achieved by offering intelligent high end trading tools for secure investment. ForexGen is the easiest and fastest gateway for the corporate traders to perform successful trading, which provides a unique institutional investor professional facilities and highly qualified individualized services for the international customer. ForexGen provides advanced online trading software with full corporate trading services. A rich choice of managed accounts are also available, please check our Managed Account Section

ForexGen delivers what traders want: instant order execution, lowest spreads, flexible starting capital, fast deposits and withdrawal, a local support in more than 18 countries, and most of all, solid funds security.

Winning in trading depends on using the right strategy and controlling all the moves. Trading strategies are discussed in details at ForexGen Academy.