This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Factory Data Hit Dollar

A weaker-than-expected report on the state of the factory sector helped undermine the greenback against the major currencies Thursday.

Euros were trading at $1.4124, up from $1.409 late Wednesday. The dollar was buying 116.39 Japanese yen vs. 116.74 yen a day earlier. The British pound was selling for $2.0394, up from $2.0315 previously.

The Commerce Department reported a larger-than-expected drop in factory orders during August, indicating continued weakness in manufacturing. The news reversed strength in the greenback earlier in the session, when the euro had traded under $1.408.

"It appears as if the market still is concerned about the economy and is prepared to sell the dollar on bad news," says Michael Woolfolk, senior currency strategist at Bank of New York Mellon in New York City.

"The dollar strength was something of a surprising countermove," he adds.

The euro had spent the earlier part of the session losing ground after the Bank of England and European Central Bank chose not to raise interest rates. That news, plus some comments from ECB President Jean-Claude Trichet, kept the euro weak until the Commerce Department released its data at midmorning.

Woolfolk does note that some sense of normality has returned to the credit markets, with conditions "not terribly dissimilar to those before August" and the credit market meltdown, he explains.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
DBV $23.53 0.00%
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%
TSLA $280.02 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs