The dollar traded near a one-month high

The dollar traded near a one-month high against the euro before a government report that is forecast to show the pace of U.S. economic growth doubled in the second quarter.

The U.S. currency was also near a one-month high versus the yen after a report from ADP Employer Services yesterday showed companies unexpectedly added jobs this month. The industry report is a leading indicator of tomorrow's Labor Department data on nonfarm payrolls. The pound fell toward a three-week low after U.K. consumer confidence slid to the weakest on record.

``The dollar is forming a solid base and further downside moves are limited,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. ``Economic growth data are forecast to show quite good numbers. ADP data underpins sentiment.''

The dollar traded at $1.5582 per euro as of 12:27 p.m. in Tokyo, after touching $1.5522 yesterday, the strongest since June 24. The U.S. currency was at 108.01 yen after reaching 108.33 yesterday, the highest since June 25. The euro traded at 168.30 yen from 168.41 yesterday. The dollar may rise to $1.5520 per euro and 108.30 yen today, Ishikawa forecast.

The pound declined to $1.9802 from $1.9817 yesterday, when it reached $1.9746, the lowest since July 10. GfK NOP's index of consumer confidence fell to minus 39 in July, the lowest since the data began in 1974, the market research organization said today in London.

Australian Dollar

Australia's dollar fell toward its lowest in six weeks after a government report showed retail sales dropped the most since 2002, adding to signs the economy is slowing. The currency slid to 94.37 U.S. cents from 94.71 cents in Asia late yesterday as a Reserve Bank of Australia report showed loans to businesses and consumers rose at the slowest pace in almost six years.

U.S. gross domestic product rose at an annual rate of 2.3 percent in the second quarter after growing 1 percent in the first three months of the year, according to a Bloomberg News survey of economists before the Commerce Department releases the report at 8:30 a.m. in Washington.

``We're waking up to the fact that we will have solid GDP numbers,'' said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon, the world's largest custodial bank.

Payrolls Report

The U.S. dollar strengthened yesterday after ADP Employer Services reported that companies added 9,000 jobs in July after cutting a revised 77,000 positions in June. The Labor Department may report tomorrow that non-farm payrolls fell 75,000 this month following a decline of 62,000 in June, according to the median forecast in a Bloomberg News survey.

The U.S. payroll report, which includes government hiring, has shown a reduction in jobs each month this year, while ADP has recorded only two declines.

``The dollar may have hit a major bottom already,'' said Kosuke Hanao, head of foreign exchange in Tokyo at HSBC Bank, Europe's biggest bank by market value. ``But it needs further bullish factors to break through the key 108.60 yen level. Good GDP numbers are not strong enough to push up the dollar above it, especially before important jobs data tomorrow.''

The so-called resistance level of 108.60 yen is near the dollar's four-month high set on June 16. A resistance level marks the point where sellers are expected to outweigh buyers.

The dollar fell to an all-time low of $1.6038 per euro on July 15 on concern losses at financial firms and record fuel prices may prolong the U.S. economic slowdown.

Dollar Gains as Fed's Hoenig Says Inflation May Spur Rate Rise

The dollar rose against the euro as Federal Reserve Bank of Kansas City President Thomas Hoenig said ``serious'' inflation pressures may spur the central bank to raise interest rates.

The U.S. currency halted two days of losses versus the euro as the yield spread between Treasuries and German bunds narrowed to the least in two months after Hoenig said the economy would recover later this year. The British pound dropped against the dollar and euro after an industry survey showed U.K. consumer confidence fell in April to the lowest in at least four years.

``Some traders are looking at Hoenig's comments and pushing up the dollar,'' said Hiroshi Yoshida, a foreign-exchange trader in Tokyo at Shinkin Central Bank, Japan's sixth-largest lender. ``This is a very hawkish tone that highlights the Fed's concern that inflation may get out of hand. A rise in Treasury yields is also supporting the dollar.''

The dollar climbed to $1.5504 against the euro as of 12:49 p.m. in Tokyo, from $1.5532 in New York yesterday, when it fell to $1.5594, the lowest level since May 1. The U.S. currency was little changed at 104.77 yen. The euro fell to 162.43 yen from 162.71. The dollar may advance to $1.5420 per euro today, Yoshida forecast.

The U.S. currency rose to $1.9697 to the pound from $1.9738 and strengthened to 1.0530 versus the Swiss franc from 1.0521.

The pound fell after Nationwide Building Society said an index of sentiment taken from the responses of 1,000 people declined seven points to 70, the lowest since the survey began in May 2004. The U.K. currency dropped to 78.74 pence per euro from 78.69 yesterday.

`Significant Risk'

The dollar has rebounded 3.2 percent since April 22, when it sank to a record low of $1.6019. The Fed said rate reductions to date were ``substantial'' after lowering its benchmark last week by a quarter-percentage point to 2 percent, its seventh cut since September.

``There is a significant risk that higher inflation will become embedded in the economy and require significant monetary policy tightening to reduce it,'' Hoenig, a non voting member of the Fed this year, said in a speech in Denver yesterday.

The yield advantage of the euro over the dollar has decreased as the spread between two-year German notes and equivalent U.S. Treasuries narrowed to 1.36 percentage points from 1.5 percentage points a week earlier.

The Dollar Index traded on ICE futures in New York, which tracks the currency against those of six trading partners, rose to 73.088 from 72.999 yesterday. It dropped to a record of 70.698 on March 17.

Housing Report

Gains in the dollar may be limited by speculation an industry report today will show a housing slump is slowing the U.S. economy.

The National Association of Realtors' index of pending home resales fell 1 percent in March after a 1.9 percent decline in February, according to the median forecast of 30 economists surveyed by Bloomberg News. The report is due at 10 a.m. New York time.

Fannie Mae, the biggest financier of U.S. home loans, reported larger-than-expected losses and the price of crude oil surged past $122 a barrel for the first time.

``The dollar will remain weak,'' said Michiyoshi Kato, a senior vice president of currency sales in Tokyo at Mizuho Corporate Bank Ltd., Japan's third-largest bank by assets. ``The U.S. slowdown, led by a housing slump and credit losses, is far from over. Hefty oil prices are adding to the dollar-bearish sentiment, especially against the euro.''

The dollar may fall to $1.5560 a euro and 104.30 yen today, Kato forecast.

Record Oil Prices

Crude oil rose yesterday to a record $122.73 a barrel in New York on threats to supply in Nigeria and Iraq and growing global fuel consumption. The price may go as high as $200 a barrel within two years, Goldman Sachs Group Inc. analysts led by Arjun N. Murti said in a May 5 report. The euro versus the dollar has had a correlation of 0.96 with the price of crude oil in the past 12 months. A reading of 1 would mean they move in lockstep.

Bank of America Corp. lowered its forecast for the yen against the dollar as risk appetite among investors has improved. The second-largest U.S. bank predicts the currency will trade at 102 per dollar by the end of June, compared with a previous estimate of 99. It also expects the yen to decline to 105 by the end of September, a change from a previous forecast of 103.

The European Central Bank will leave the main refinancing rate at 4 percent tomorrow, according to all 53 economists surveyed by Bloomberg News.

Dollar Falls as Housing Reports May Bolster Case for Fed Cuts

The dollar fell against 15 of the 16 most-active currencies on concern industry and government reports will show the housing recession in the U.S. is deepening.

The U.S. currency declined to a two-week low against the euro on speculation the Federal Reserve will keep cutting its benchmark interest rate from 3 percent. Australia's dollar rose to a three-month high after the nation's central bank said it considered a larger increase when raising borrowing costs to an 11-year high of 7 percent this month.

``We think there's a chance we'll break $1.48 against the euro on the expectation the U.S. will cut rates,'' said Chris Furness, head of currency strategy in London at 4Cast Ltd., a research company that counts central banks among its subscribers. ``We still have a problem. We don't know whether it's going to be recession or not.''

The dollar fell to $1.4742 per euro, the lowest since Feb. 5, and traded at $1.4726 as of 8:45 a.m. in London, from $1.4658 in New York yesterday. It weakened to 107.86 yen from 108.23 yen. The euro was at 158.90 yen, from 158.63.

Japan's currency also advanced against the dollar, or greenback, on speculation that China's central bank will raise borrowing costs and seek a stronger exchange rate to curb the fastest inflation in more than 11 years.

The U.S. currency fell 0.7 percent to 91.97 cents versus Australia's dollar, reaching the lowest since Nov. 9. The U.S. greenback also declined against the New Zealand dollar to 79.79 U.S. cents, near the lowest since July 26, from 79.52 yesterday.

Australian Dollar

The Australian dollar rose versus all 16 major currencies after central bank Assistant Governor Malcolm Edey said inflation may accelerate.

Minutes from the Reserve Bank of Australia's Feb. 5 meeting published today showed Governor Glenn Stevens and his colleagues discussed raising the benchmark rate by 50 basis points to cool the fastest inflation in almost two decades.

``The discussion about monetary policy in the minutes had a much sharper sting in the tail as far as the near-term rate outlook is concerned,'' wrote David de Garis, senior markets economist at National Australia Bank Ltd. in Sydney, in a note to clients. ``We still expect a 25 basis-point increase in March and a 40 percent chance of another.''

The yield advantage on Australian two-year bonds over similar-maturity U.S. Treasuries increased to 5.09 percentage points, the widest since December 1990.

The U.S. dollar dropped 5.1 percent versus the euro since the Federal Reserve started to cut interest rates on Sept. 18, the fourth-worst performer among the 16 most-active currencies.

`Sense of Vigilance'

``The markets have a heightened sense of vigilance before the U.S. housing data and are selling dollars,'' said Kenichiro Fujita, manager of derivatives-marketing in Tokyo at Aozora Bank Ltd., Japan's ninth-largest publicly traded lender by assets. ``The Fed will cut rates to 2 percent to support the economy and to avoid criticism that it always falls behind the curve.''

Dollar Falls as Housing Reports May Bolster Case for Fed Cuts

Dollar feels weight of rate talk

The dollar suffered against the euro this week after comments from Ben Bernanke, chairman of the Federal Reserve, cemented expectations for further cuts in US interest rates.

In testimony before US Congress on Thursday, Mr Bernanke reiterated the downside risks to US economic growth and said the Fed stood ready to take action in response, underlining the central bank’s willingness to loosen US monetary policy further.

Mr Bernanke said a significant worsening in financial conditions or in credit availability “would certainly be a warning bell that we need to take further action”.

But Mr Bernanke also said he expected a stronger pace of US growth to start later this year as the effects of recent monetary and fiscal stimuli began to be felt.

Ashley Davies at UBS said he believed the dollar would likely benefit in the longer run, although currency markets chose to focus on the prospects for imminent rate cuts rather than a US recovery in the short term.

“With downside risks to growth in the US already largely priced into the dollar, but eurozone data deteriorating and therefore justifying monetary easing, we look for euro/dollar to trade down to $1.43 over the next three months,” he said.

read more:Dollar feels weight of rate talk

Dollar May Rebound to 110 Yen Options Show, MUFG's Miki Says

Currency options show the dollar may rebound to around 110 yen in the next few weeks, said Takeharu Miki, currency options manager in Tokyo at Bank of Tokyo- Mitsubishi UFJ Ltd.

The spread between the one-month and one-year risk reversal rate has started to narrow, showing options traders are speculating less on a decline in the U.S. currency, Miki said. Risk reversals are the difference between the cost for call options, which grant the right to buy a currency at a fixed price, and puts, which allow sales.

``I'm watching this term structure because it's all about sentiment,'' Miki from the unit of Japan's biggest publicly traded lender, said in an interview in Tokyo. ``This spread will narrow when the dollar starts to recover. I see the potential for a rise in the currency.''

The dollar traded at 108.24 yen at 6:05 a.m. in London from 108.33 late yesterday in New York, when it rose to a one-month high of 108.38. The U.S. currency has gained 1.6 percent against the yen since the start of this month. It fell 10.5 percent over the past year.

The one-year 25-delta risk reversal rate for dollar-yen options was 1.275 percentage points more than the one-month rate today, down from an almost four-year high of 2 percentage points on Dec. 7. Delta measures the change in the price of an option relative to moves in the underlying currency.

Read more:Dollar May Rebound to 110 Yen Options Show, MUFG's Miki Says

Alarm bells send dollar falling

The dollar plummeted on Tuesday after an emergency cut in the US federal funds rate set alarm bells ringing over the health of the country’s economy.

The dollar – which traded strongly on Monday as US investors repatriated funds in the face of the sell-off in global equities – sold off aggressively.

By midday in New York, the dollar was down 1.3 per cent to $1.4630 against the euro, had lost 1 per cent to SFr1.0980 against the Swiss franc and dropped 0.9 per cent to $1.9610 against the pound.

Analysts said the dollar could fall more, given that the Fed’s 75bp cut risked being seen as a panic move.

They said this implied that the central bank could be in possession of specific information which had increased its concerns over the health of the US financial sector.

read more:Alarm bells send dollar falling

USD Shrugs off Dismal Retail Sales

The dollar regained its footing by the New York afternoon following earlier selling against the euro, sterling and yen. A sluggish retail sales report for December was the catalyst for the greenback’s drop to multi-year lows versus the yen at 106.62.

read more USD Shrugs off Dismal Retail Sales by Korman Tam

Dollar Trades Near Record Low Versus Euro on Fed Rate-Cut Bets

Jan. 15 (Bloomberg) -- The dollar traded close to a record low versus the euro before a report that economists expect will show U.S. retail sales growth stalled in December.

The dollar has declined versus 14 of the 16 most-active currencies this year as traders start to price in odds the Federal Reserve will cut benchmark borrowing costs by as much as 0.75 percentage-point this month. The Mortgage Bankers Association yesterday forecast U.S. existing home sales will fall 13 percent this year before recovering in 2009.

``Heightened expectations of the Fed cutting interest rates has been the theme that is the nemesis of the dollar,'' said John Kyriakopoulos, a Sydney-based currency strategist at National Australia Bank Ltd., the nation's largest lender. ``There are some downside risks around the retail sales number.''

The dollar traded at $1.4877 against the euro at 11:42 a.m. in Tokyo compared with $1.4869 yesterday in New York. It reached an all-time low of $1.4967 on Nov. 23 and may weaken to about $1.50 per euro this week, Kyriakopoulos said.

The U.S. currency was at 107.98 yen from 108.16 yen. The euro traded at 160.65 yen from 160.84 yen. The pound bought $1.9560 from $1.9559.

U.S. Rates

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Dollar peg puts Qatar summit in spotlight

When the six leaders of the Gulf Co-operation Council member states open their normally unspectacular annual summit in Qatar on Monday, the attention of many in the financial world will be guaranteed.

The ostensible purpose of the meeting in Doha is to discuss plans for monetary union by 2010. But after weeks of heated debate, markets will be studying the minutiae of the GCC leaders’ words for any hint of whether key members of the organisation, including Saudi Arabia and the United Arab Emirates, will retain long-standing pegs to the weak US dollar or look to revalue their currencies.

“This is perhaps the most anticipated meeting this year in the region,” says Mushtaq Khan, economist at Citibank. “So many statements have been made over the past couple of weeks which have really increased the tempo and the market’s expectation that something is likely to happen.”

Bankers from London to Bahrain have already been betting on revaluations, pushing the UAE dirham to a 17-year high and the Saudi riyal to its strongest level since its peg was introduced in 1986, heaping unprecedented pressure on the monetary authorities. The oil-rich GCC region includes Kuwait, Bahrain, Qatar and Oman, key US allies that control more than $1,000bn (€683bn, £486bn) in reserves.

read more:Dollar peg puts Qatar summit in spotlight

Forex Expert Advisor

Forex - Dollar bounces back slightly after Fed's tame interest rate cut

HONG KONG (Thomson Financial) - The US dollar gained slightly against the yen and euro in Asian afternoon trade Wednesday after the Federal Reserve announced a 25-basis-point interest rate cut.

While most investors had expected the central bank to lower its fed funds rate by a quarter percentage point, some had been hoping for a deeper half-point reduction to ease the credit crunch and counter a housing and banking slump.

But a 50 bps rate cut would have been negative for the greenback as it would discourage investors from holding on to their dollar-denominated investments.

"The drop in the interest rate is not as much as some people thought" it would be, said Mark Wan, chief analyst at Hang Seng Investment Services Ltd.

"That's why we saw some funds flowing back to US Treasuries."

At 1.00 pm (0500 GMT), the dollar was trading at 110.92 yen, up from 110.735 in Sydney this morning and from 110.62 in late New York trade. The euro was quoted at 1.4658 dollars, down from 1.466 this morning.

Following the Fed rate cut, US Treasury prices rose overnight, pushing down the yields. The benchmark 10-year US Treasury yield fell to 3.973 percent from 4.092 percent shortly before the announcement. Bond prices move inversely with yields.

Also boosting the greenback are moves by some fund managers and hedge funds to trim their holdings as the year-end approaches and hold on to their cash.

"There are some redemptions of investments and investors prefer to keep more cash. And in today's market, the major trading currency is still the US dollar," said Wan.

The dollar's strength against the yen could be short-lived though, as most analysts expect the Japanese currency to strengthen further.

The yen may climb to 109 versus the dollar by year-end, said David Mann, currency strategist at Standard Chartered Bank.

Read more:Forex - Dollar bounces back slightly after Fed's tame interest rate cut

Forex strategy

Dollar Remains Mixed Ahead Of FOMC

Monday, December 10, 2007 1:09:40 AM - Early Monday in Asia, the US dollar showed mixed performance against the major currencies. The greenback extended its last week`s gains against the yen but it showed weakness against the British pound. Against the euro and the Swiss franc, the US currency has gained slightly during the session.

In the past week, which was busy with monetary policy announcements by major central banks, the US dollar showed mixed performance against its key counterparts. The greenback closed down against the euro and the franc in the week ended December 7, reversing the previous week`s result. Against the yen and the sterling, the buck extended the gains posted the previous week and fetched new multi-week highs. The US currency also remained higher against its Canadian counterpart and leveled a 2Ѕ -month high during the past week`s deals. While the greenback closed the third straight week down against the New Zealand dollar, it showed strength against the Australian currency.

The Australian and the New Zealand central banks held the rates unchanged at 6.75% and 8.25% respectively, but their counterparts in Canada and the UK unexpectedly cut benchmark interest rate by 25 basis points each, citing downside risks to growth. The BoC set the key interest rate at 4.25% and the BoE lowered it to 5.5%. However, as expected, the European central bank did not alter its monetary policy this time, leaving the cash target at 4%.

The Biggest losers of the week were the pound and the Aussie, the former tracking the interest rate cut, and the latter on the downside risks to growth signaled in the statement released by the Reserve Bank of Australia along with its monetary policy announcement. Some of the market players expect the BoE to come with more cuts in the near future as the sub prime issue stemmed from the US housing market has caused severe damage to the British economy. The statement issued by the RBA, the first such a note from the central bank, highlighted the concern about the weakness of the global economy, and it prompted investors to pare hopes of a rate hike early next year.
read more :Dollar Remains Mixed Ahead Of FOMC

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Dollar Climbed Slightly On Job Report

Dollar Climbed Slightly On Job Report
The dollar edged up slightly after a report from the Labor Department showed there were more jobs added than expected, easing worries that the impact of subprime mortgage crunch and slowing housing had spread into the broad economy. The dollar rose to 111.77 against the yen, while the euro remained firm above 1.46 versus the dollar.
Non-farm payrolls rose 94k in November, above the estimate of 75k. October¡¯s figure was revised from 166k to 170k, however September¡¯s figure was downwardly revised from 98k to 44k. The unemployment rate remains at 4.7%, and average earnings rose from 0.2% to 0.5%. The better-than-expected job report reinforced the expectations that the Fed may cut interest rates by a quarter-percentage point rather than a half-percentage point at its monetary policy meeting next Wednesday.
read more:Dollar Climbed Slightly On Job Report


Expert Advisor

USD Softer, Awaits Data

The currency market has much to digest this week as traders look ahead to monetary policy decisions from several central banks, including the BoC, RBA, BoE and ECB. The greenback relinquished some of last week’s gains in early Monday trading, slipping against the sterling and yen. The major currency pairs will likely be dictated by a combination of sentiment over global interest rate differentials as well as any new revelations from the subprime debacle and credit crisis.
read more:USD Softer, Awaits Data



forex signals

Robust ADP Boosted Dollar, Eyes on BOE ECB

The dollar extended gains following a surprisingly strong ADP employment report, reducing concern that subprime crunch will impede economic growth. The euro tested the support at 1.46 versus the dollar, and the sterling fell sharply from 2.06 to 2.0250 against the dollar. The yen weakened to near 111 versus the dollar.

As shown in ADP report, 189k jobs were added in private sector in November, far above the estimate of 50k. Besides, ADP revised last month’s figure from 106k to 119k. The greenback was boosted by this robust job report. The market will focus on November employment report to be released by the Labor Department this Friday.
read more:Robust ADP Boosted Dollar, Eyes on BOE ECB


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USD Softer, Awaits Data

The currency market has much to digest this week as traders look ahead to monetary policy decisions from several central banks, including the BoC, RBA, BoE and ECB. The greenback relinquished some of last week’s gains in early Monday trading, slipping against the sterling and yen. The major currency pairs will likely be dictated by a combination of sentiment over global interest rate differentials as well as any new revelations from the subprime debacle and credit crisis.
read more:USD Softer, Awaits Data


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Data Caps USD Gains

The greenback posted its largest weekly gain on a trade-weighted basis in a month despite relinquishing its grip in Friday trading. Nevertheless, lingering fears over credit conditions and the credibility of banks’ balance sheets continue to plague the currency. Accordingly, the currency market will continue to be closely correlated with equity market moves – particularly the trajectory of the carry trade pairs, amid times of heightened volatility.

Economic data released earlier in the session derailed the dollar’s rebound against the majors, pushing it toward session lows versus the euro and sterling. Industrial production for October fell by 0.5%, missing expectations for a 0.1% increase and reversing the previous month’s 0.2% increase. The decline in industrial production also marked its largest drop in over two-years, reinforcing fears that the housing slowdown continues to weigh on manufacturing. Capacity utilization was largely inline with expectations at 82.0%, down marginally from the previous month at 82.1%. The September TICs report revealed a net outflow of $14.7 billion versus a downward revised outflow of $150.7 bil
read more:Data Caps USD Gains


forex expert advisor

Daniel J. Meckstroth, chief economist at the Manufacturers Alliance/MAPI

Dow Jones - "While strong exports and easing import competition will cushion the blow to the durable goods industries, domestic demand for capital equipment is declining. New orders for non-defense capital goods excluding aircraft in the first ten months of this year are down 1.7% from the same period one year ago. The low investment activity indicates businesses remain cautious regarding the outlook for next year."

read more : Daniel J. Meckstroth, chief economist at the Manufacturers Alliance/MAPI

forex online

FOREX-Dollar hits 1-week highs, firmer tone seen fleeting

(Changes byline, updates prices, quotes)

By Meg Clothier

LONDON, Nov 28 (Reuters) - The dollar rose to one-week highs versus the euro, the yen and the Swiss franc on Wednesday, as investors took profits on the U.S. currency's recent slump to multi-year lows and thin volumes accentuated market moves. The more positive tone on the dollar was kick-started on Tuesday after news that Abu Dhabi Investment Authority was buying an equity stake in Citigroup Inc (C.N: Quote, Profile, Research), giving confidence to investors rattled by fears of more credit market troubles as the year-end approaches.

Consequent gains in U.S. stock markets overnight [.N] attracted investors into dollar-denominated assets.

However, analysts said dollar strength was likely to be short-lived given the weak tone in U.S. economic data, prospects for further Federal Reserve interest rate cuts and the trickle of bad news from financial companies hit by the credit crunch.

read more :FOREX-Dollar hits 1-week highs, firmer tone seen fleeting

Forex real time

Dollar: 1.50 in the Crosshairs?

There is no doubt that the EUR/USD pair wants to target 1.5000 again and may actually reach that level this week, but it will have to do so with more substantial reasons than mere stop running. Trading in coming days could be well be driven by the housing data upon which the whole dollar arguments rests at the moment. If housing continues to plummet to subterranean depths, putting relentless pressure on the Fed to cut in December, currency traders may well feel emboldened to run the 1.500 barrier once again . However, if housing shows some signs of stabilization, the rest of the economic docket looks relatively dollar friendly.

read more:Dollar: 1.50 in the Crosshairs?


forex system

The dollar is testing support

Surprisely, housing starts increased 3% to an annualize rate of 1.229 million units (1.17 million expected) in October. It has been the first increase of the past four months and was equally distributed among all the U.S. regions with the Midwest showing a move of 21.1%. Multiple houses lead the way by moving up more than 40%, while single homes declined 7.3%. It is difficult to see a bottom, as permits declined 6.6% month over month (down 24.5% year over year) and inventories stays very high.

read more: The dollar is testing support


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