Construction Spending declines, US Dollar mixed in forex trade. | CountingPips Forex Blog

January 5, 2009 - Forex Economic News

Construction Spending declines, US Dollar mixed in forex trade.

U.S. Construction Spending declined in November as spending was down for the second month in a row. The U.S. Commerce Department released data today that showed construction spending decreased 0.6 percent to $1,078.4 billion in November following a revised decline of 0.4 percent in October at $1,085.3 billion. The November drop in spending USD mixed in Forex Trade was less than the 1.4 percent fall that the market forecasts had expected. On an annual basis, November's construction spending is 3.3 percent less the November 2007 level.

Total private construction spending was down 4.2 percent in November with private residential construction spending falling 1.5 percent for the month. Private nonresidential spending increased in November by 0.7 percent. Total public construction spending increased by 1.4 percent in November with public residential spending showing an increase by 1.5 percent. Public nonresidential construction spending also increased for the month with a 1.4 percent gain.

US Dollar mixed in forex trade.

The U.S. dollar has had a mixed day so far in forex trade against the major currencies today. The dollar has gained against the euro, Swiss franc, New Zealand dollar and Japanese yen while losing ground against the British pound, Canadian dollar and the Australian dollar.

The euro has fallen versus the dollar from today's 1.3883 opening at 00:00GMT to trading at approximately 1.3610 in the afternoon of the US trading session at 2:24pm EST.

The British pound has increased today versus the dollar as the GBP/USD has gone from its 1.4469 opening to trading at 1.4725.

The dollar has been advancing against the Japanese yen today as the USD/JPY has gained from its 92.03 opening to trading at 93.27 later today. Against the Swiss franc, the USD has really gained some ground as the USD/CHF has gone from its 1.0794 opening to trading at 1.1085 for over a 250 pip gain.

The dollar has declined against the Canadian dollar after opening at 1.2131 earlier today to trading later at 1.1883 for almost a 250 pip decline.

The New Zealand dollar has fallen slightly versus the US dollar after opening at 0.5896 today as the NZD/USD currently trades at 0.5883. The Australian dollar, meanwhile, has gained ground versus the USD with the AUD/USD trading at 0.7142 after opening today at 0.7109.

USD/CAD Chart - The US Dollar falling today against the Canadian Dollar by over 200 pips. (Hourly Chart).

Today's Forex Chart

tags: construction spending, forex trade, forex rates

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