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Dollar Declines
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This Link is located in the Public Channel Contrarian Stock Market News and Views.
Posted by lucretius 289 days ago (contrarianprofits.com). Views: 0
Tags: stock market news contrarian investing financial ideas stock ideas |
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In the currency market, the dollar slipped against the euro. Late Thursday, the euro was trading at $1.3923 vs. $1.3908 on Wednesday.
There was a wealth of data, albeit inconclusive, to pick through yesterday. Leading off, the Commerce Department reported that new single-family home sales advanced in April for the second time this year. Sales increased 0.3% from March, to an annual pace of 352,000 houses, a weaker showing that economists expected.
Next, the Labor Department said initial jobless claims fell by 13,000, to 623,000, in the week ended May 23, from a revised 636,000 the prior week. That was a lower number than forecast, and it led Mickey Levy, chief economist at Bank of America in New York, to comment that, “The pace of job declines is lessening … This along with some other indicators points to a trough in the recession.”
Finally, the Commerce Department reported a 1.9% increase in durable goods orders for April, the biggest jump since December 2007. It followed a revised 2.1% drop in March that was more than twice as large as previously estimated. Orders, however, remain stuck near a 13-year low.
While the contraction may be slowing, there are few signs of nascent growth. “We have a tough slog ahead of us,” said Carl Riccadonna, a senior economist at Deutsche Bank Securities in New York. “The recovery is going to be very slow in its emergence.”
The euro got a boost as the European Commission’s gauge of economic sentiment across the eurozone posted a stronger-than-expected rise in May, to 69.3 from 67.2 in April. That was slightly above forecasts, and marked the second consecutive monthly rise for the index, although from historically low levels.
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