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Category: Forex News

Dallas Fed Manufacturing Index Drops To -14.4, Missing Analyst Expectations

Today, traders also had a chance to take a look at the New Home Sales report for February. The report indicated that New Home Sales decreased by 0.3% on a month-over-month basis. Analysts expected that New Home Sales would grow by 3%, so the report missed analyst estimates.

U.S. Dollar Index remained under pressure as traders reacted to the weaker-than-expected reports. Currently, U.S. Dollar index is trying to settle below the 104.20 level. Treasury yields are moving higher, but this move does not provide additional support to the American currency. It should be noted that U.S. dollar is trading at multi-week highs against a broad basket of currencies, so profit-taking is among the key drivers for today’s pullback.

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Gold is trying to settle above the $2180 level, boosted by rising geopolitical tensions. Most likely, gold traders would ignore the economic data and stay focused on the recent terrorist attack on Moscow.

SP500 settled near the 5230 level after the release of the Dallas Fed Manufacturing Index report. Traders take some profits off the table near historic highs.

For a look at all of today’s economic events, check out our economic calendar.


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