The Euro is on the rise versus the dollar after manufacturing orders jumped. I thought this was at least interesting compared to my yesterday post with the US dollar running in a forward direction due to oil taking a dip.
It’s hard to predict exactly what is going to happen because everything seems to get highly motivated by any little piece of information. I hope you’re watching the news as frequently as I am. I try to get all the news I need, so I can at least make the most profitable decisions about my trades.
July 7 (Bloomberg) — The euro rose after a government report showed manufacturing orders in the region’s biggest economy jumped the most in almost two years, adding to signs the worst economic slump in a generation is abating.
The common currency climbed against the dollar, yen and pound as every stocks market in Europe advanced as the Economy Ministry in Berlin said German factory orders increased 4.4 percent from April, the biggest gain since 2007.
“If there’s anything that gives the euro support today, it’s the combination of the German data and the rebound in stocks,” said Geoffrey Yu, a currency strategist in London at UBS AG.
The euro rose to $1.4043 per dollar as of 7:37 a.m. in New York, from $1.3984 yesterday. It climbed to 133.83 yen from 133.34. The dollar was little changed at 95.32 yen, from 95.35.
The yen and the dollar rose earlier on speculation that European finance ministers will repeat today that the global economic recession is far from over. Luxembourg Finance Minister Jean-Claude Juncker said at a meeting of regional counterparts yesterday that “we are still in the middle” of the worldwide financial crisis.
