Currency Trading - US dollar rebounds. | CountingPips Forex & Currency Trading Blog

April 18, 2008 - Forex Economic News

Currency Trading - US dollar rebounds.

The U.S. dollar rebounded today in the currency trading market after a week in which the American currency fell to a new all time low against the euro. On a Friday devoid of major market-moving economic releases, the dollar has rebounded against most major currencies as Google posted better than expected first quarter earnings and Citigroup's better-than-last-quarter results. Citigroup, the largest bank in the U.S., posted a first quarter $5.1 billion loss and announced a plan to cut 9,000 jobs. The first quarter loss was less than some had feared and less than the company's 2007 fourth quarter loss of $10 billion. The Citigroup results has fueled speculation that maybe the economy is at the beginning of the end of the credit crisis. Meanwhile, Google posted a 30 percent higher profit in the first quarter over the first quarter of 2007 with revenue up 42 percent from last year. Google's first quarter earnings topped forecasts by market analysts and put to rest fears that a slowing economy would take a bite out of its earnings.

The dollar increased verses the euro to an exchange rate of 1.5710 dollars per euro down from yesterday's low of 1.5983 dollars per euro. The dollar posted gains against the Japanese yen and traded as high as 104.61 yen per dollar. The dollar also showed increases verses the Swiss franc, Australian dollar and Canadian dollar today while losing ground to the British pound sterling.

Next week, economic releases include U.S. home sales, Canada's interest rate decision, BoE minutes from its rate decision, U.S. durable goods, Eurozone current account, Swiss trade balance and Australian consumer prices.

Tags: currency trading, usd, dollar, google, citigroup, earnings, forex rates

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