Joined Nov 11, 2007
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The Greenback Takes a Step Back as QE is Widely Expected by the Market

“The dollar declined before a U.S. report that economists said will show consumer prices fell in May, strengthening the case for the Federal Reserve to take more steps to bolster the economy.

The U.S. currency declined versus 13 of its 16 major counterparts ahead of data tomorrow forecast to show industrial production almost stalled in May and manufacturing in the New York region slowed this month. Gains in the euro were tempered after Spanish bonds slumped after Moody’s Investors Service cut the nation’s credit rating and Italy’s borrowing costs rose. New Zealand’s dollar strengthened after the central bank left interest rates unchanged.”

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