U.S. Durable Goods Orders are expected at 8:30 AM EST

Lower than expected U.S. housing and job numbers, lower equity markets, and higher oil prices combined to pull the U.S. dollar back from a two week high versus a basket of major currencies. Poor U.K. economic data continued to weaken the British pound as investors bet that the Bank of England will cut rates to stimulate growth. The euro strengthened after a European Central Bank member suggested there was room to increase rates. The Australian dollar depreciated after news that the National Australia Bank was taking a major credit related write off, furthering views that the Reserve Bank of Australia will cut rates by the end of the year. The New Zealand dollar reached a six month low based on speculation that the Reserve Bank of New Zealand will be forced to continue cutting rates. U.S. Durable Goods Orders are expected at... [read full story]