GREENBACK RECOVERS

Greenback Recovers
by Korman Tam
5/27/2008 2:30:00 PM

The greenback kicked off the holiday-shortened week higher against the majors, edging up to 104.32 versus the yen and 1.5703 against the euro on the heels of mixed US economic reports earlier in the session. New home sales in April reversed an 8.5% decline in March, improving by 3.3% to 526k units. However, the Case Shiller home price index in March posted its steepest decline on record, down by 14.4% versus a 12.7% drop in February. Meanwhile, in another sign of the struggling US economy ¨C the Conference Board¡¯s May Consumer Confidence survey dropped to a two-year low and worst than expectations to 57.2 versus April at 62.3.


Economic reports slated for release on Wednesday will see April durable goods orders. Also due out this week will be Q1 core PCE, GDP, weekly jobless claims, April personal income, consumption and the May University of Michigan sentiment survey.