Higher Energy and Equity Markets Drive Dollar Lower

The U.S. Dollar is trading lower against most major currencies overnight.  This weakness is a continuation of yesterday’s action which saw the Dollar settle lower after a late session surge in U.S. equity markets and crude oil.

Yesterday it was reported that U.S. Second Quarter GDP eased to a 1% decline after posting a drop of 6.4 % during the first quarter.  Today traders will react to July Personal Income and Spending.  These reports are expected to show declines as consumers continued to hold on to their money.  Michigan Sentiment will also be reported.  The forecast is for an increase in consumer confidence because of the strong rise in equity markets.

 Read full article at ForexHound.com