Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
AI Stocks Portfolio and Tesla - 23rd May 24
All That Glitters Isn't Gold: Silver Has Outperformed Gold During This Gold Bull Run - 23rd May 24
Gold and Silver Expose Stock Market’s Phony Gains - 23rd May 24
S&P 500 Cyclical Relative Performance: Stocks Nearing Fully Valued - 23rd May 24
Nvidia NVDA Stock Earnings Rumble After Hours - 22nd May 24
Stock Market Trend Forecasts for 2024 and 2025 - 21st May 24
Silver Price Forecast: Trumpeting the Jubilee | Sovereign Debt Defaults - 21st May 24
Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! - 19th May 24
Important Economic And Geopolitical Questions And Their Answers! - 19th May 24
Pakistan UN Ambassador Grows Some Balls Accuses Israel of Being Like Nazi Germany - 19th May 24
Could We See $27,000 Gold? - 19th May 24
Gold Mining Stocks Fundamentals - 19th May 24
The Gold and Silver Ship Will Set Sail! - 19th May 24
Micro Strategy Bubble Mania - 10th May 24
Biden's Bureau of Labor Statistics is Cooking Jobs Reports - 10th May 24
Bitcoin Price Swings Analysis - 9th May 24
Could Chinese Gold Be the Straw That Breaks the Dollar's Back? - 9th May 24
The Federal Reserve Is Broke! - 9th May 24
The Elliott Wave Crash Course - 9th May 24
Psychologically Prepared for Bitcoin Bull Market Bubble MANIA Rug Pull Corrections 2024 - 8th May 24
Why You Should Pay Attention to This Time-Tested Stock Market Indicator Now - 8th May 24
Copper: The India Factor - 8th May 24
Gold 2008 and 2022 All Over Again? Stocks, USDX - 8th May 24
Holocaust Survivor States Israel is Like Nazi Germany, The Fourth Reich - 8th May 24
Fourth Reich Invades Rafah Concentration Camp To Kill Palestinian Children - 8th May 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Dollar Hammered by Yen as Job Concerns Remain

Currencies / US Dollar Jun 30, 2010 - 10:01 AM GMT

By: LiveCharts

Currencies

The dollar has quietly slipped against the yen in this week’s currency trade while remaining mostly flat against other major counterparts including the Euro and British Pound.  A less than stellar round of economic reports Monday, Tuesday and Wednesday (June 30) morning have cast a dark cloud over optimism for economic recovery.


After starting the week close to 90 yen, the dollar fell to as low as 88.39 yen in late European trade before a modest rebound to its current 88.59 yen rate in early New York trade.

Wednesday’s weak report on private employer jobs added to the gloom so far this week.  The report from payroll company ADP showed that private employers added only 13,000 jobs during the month of June, far short of the 60,000 that had been forecast.  Of more interest is this Friday’s government jobs report which offers a broader picture of the employment environment.

In news that has been feared by those that questioned the decision to let the home buyer tax credit expire recently, the Mortgage Bankers Association painted a dreary picture with its data on home loans for June. 

The group said that while record levels of refinancing driven by historically low sub-5 per cent rates helped mortgage applications reach 8-month highs, actual home buying is near a 13 year low.  

Speculation is that in a rush to beat the clock and take advantage of nearly $8,000 in tax credits, many summer buyers bought early in the spring, borrowing from summer month real estate business.

Among the other more notable news events of the week was the June Consumer Confidence Index which came in at just 52.9 Tuesday’s Conference Board release.  This marked a steep decline in confidence from May’s 62.7 index reading and it was the biggest decline since February.

Negative sentiment among consumers certainly does not bode well for an economy looking to make its way out of a recession.  Consumer spending accounts for around 70 per cent of the US economy. 

However, with unemployment remaining high and doubts still lingering about economic stability, consumers still appear hesitant to return to pre-recession spending routines.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2010 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

Live Charts Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in