Tensions over Greece is keeping the Green buck well bid all over the board. Weaker than expected economic data failed to push Dollar lower today.
- US industrial production failed to grow for a sixth straight month in May. Industrial production unexpectedly fell 0.2 per cent in May from the prior month, according to the latest report from the Federal Reserve. April decline was revised larger to -0.5%.
- New York Empire state manufacturing index dropped -1.98 from 3.09 prior. Much better 5.2 reading was expected.
Dollar remains relatively well bid, given these terrible data. Greek tension and FOMC rate decision on Wednesday is keeping the dollar in balance at the beginning of a crucial week.
Dollar index, which is value of dollar against basket of currencies is trading at 95.08, up 0.12% for the day.
- If dollar fails to break and close above 96 area over FOMC, it is likely to decline further towards 93 support area.
The material has been provided by InstaForex Company – www.instaforex.com