Market Gawk

Storage appliance maker Data Domain Inc. said Friday it plans to raise up to $100 million in an initial public offering.

Original post by FeedZilla

The dollar extended its gains Friday on the back of rising bond yields, nudged higher by news that the U.S. trade deficit fell sharply in April.

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The U.S. labor market is holding steady, businesses are rebuilding inventories and the consumer is still spending, all signs pointing to stronger economic growth in the latter part of this year.

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The trade deficit dropped sharply in April as strong overseas demand pushed American exports to an all-time high. While the Bush administration hailed the unexpectedly large improvement as a sign that an export boom was continuing, critics noted the imbalance with China rose in April, underscoring what they said was an urgent need for Congress to take action to punish China for unfair trade practices.

Original post by FeedZilla

Stronger economic data has driven the British pound higher against the Euro, Japanese Yen, and Swiss franc but unfortunately, that strength did not extend to the GBP/USD.

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The return of the carry has taken the New Zealand dollar to a fresh 25 year high against the US dollar and a new 17 year high against the Japanese Yen. The commodity currencies are the best performing currencies today as they shrugged off both dollar strength and commodity weakness.

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The rally in the Dow exacerbated the rise in carry trades but those currency pairs already began to trend higher before the US stock market even opened. The initial sell-off in the Japanese Yen was triggered by the nonchalant attitude of the Ministry of Finance towards the carry trade.

Original post by FeedZilla

If you watched the stock market today, it is not hard to imagine what went on the currency market. For the past few months, we have either seen carry trades follow the ebb and tides of US stocks or the reverse .

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All around weakness in European data sent the Euro to a 2 month low. The currency market is cyclical and whenever a currency becomes too strong, we begin to see weakness in the economy, especially if the country is export dependent.

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Click Link to Listen to our Evening DailyFX Radio PodCast: http://media.dailyfx.com/podcasts/FXRadioPM060807.mp3

Original post by FeedZilla