Anticipation of U.S. government data

Its an exciting day in the exchange market today. The market went into the total extreme in anticipation to the U.S. government data that is to be release today at 10:30 am New York time on Wednesday.

The American greenback had slide to an all time low against major currencies. The Euros against the USD, trading at around 1.5060 in Singapore time 10:20pm. 1 British Pound can buy you around 1.9850 USD at the same time.

Further rate cuts had added the pressure for the USD to slide further. Moreover weak data such as a drop in consumer confidence and a higher producer price shown in January are putting more pressure on the dollar. Gloomy outlook for the U.S. economy further worsen the situations.

Fall in the dollar had made investor looking elsewhere to put their money into. Taking the led is Oil, traditionally seen as the black gold. It had hit a record of above 102 USD per barrel. Gold traditionally view as the safe haven for investor was also making the news on record breaking. It is now trading at around 959.80 per ounce at 10:35 pm Singapore time.