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US Dollar Holds Strong Despite Dismal ISM Manfuacturing, As Oil Tumbles
Monday, 03 November 2008 16:40:00 GMT
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- Wednesday, 14 October 2009 11:14:50 GMT European Industrial Production Rises, Adds Too Recovery Signs
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- Wednesday, 14 October 2009 04:10:16 GMT UK Claimant Count Rate Holds Flat; Jobless Claims Falls to 20.8K
The US dollar has held strong versus the euro and British pound this morning as the markets speculate over upcoming rate decisions from the European Central Bank and Bank of England on Thursday. However, we've also seen that oil remains weak, and given the inverse correlation between the commodity and the greenback, it's fair to say that this is helping to drive the currency higher despite the extremely disappointing ISM Manufacturing results released this morning.
Crude Oil vs. EUR/USD (Daily Chart, 11/30/04 - 11/03/08)
Source: Bloomberg
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