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Home » Online Forex Trading Blog » Home Depot and Sprint Layoffs

Home Depot and Sprint Layoffs

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In announcements that have become somewhat of a mainstay in US economics for now, both Home Depot Inc. and Sprint released layoff intentions that are in the thousands.  The move follows a release by Microsoft Corp. last week of 5,000 workers as the company looks to cut costs and boost the bottom line, one that has softened as the economy continues to weaken.

Although Sprint’s move was widely seen as a harbinger of potentially more negative things to come, the Home Depot Inc. decision was received well, boosting up equity markets and a sense of risk taking in the broader market.  Aside from layoffs, Home Depot looks to shed its unprofitable Expo design centers that have been spread mostly throughout the Atlantic states and freeze salaries of some of the company’s officers.

As a result, plenty of US dollar selling looks to be in the works in the New York morning trade with Euro and British pound higher as traders are looking to put at least some skin in the game.  Currently the Euro is higher, trading at $1.3150 compared to the session low of $1.2860.  A boost in existing home sales also looks to be supporting at least some interim risk taking as sales rose an optimistic 6.5 percent in the month of December according to the National Association of Realtors.  According to the report, the steep increase from a record low was mostly attributed to a rise in the purchase of properties out West, notably in California and Nevada as distressed buyers targeted single family homes.  Although the figure still does not reverse a roughly 20 percent annual slide in US home prices since 2006, it gives temporary relief to the markets which have for the most part been continually in the red.

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About the Author -

Richard C. Lee is the Chief Currency Strategist for OnlineForexTrading.com. Employing both fundamental and technical models, Richard has previously been featured on DailyFX.com, Bloomberg, FX Street.com, Yahoo Finance and Trading Markets.com. In analyzing the markets, he draws from an extensive experience trading fixed income and spot currency markets in addition to previous bouts in options, futures and equities.

One Response to “Home Depot and Sprint Layoffs”

  1. Another One Bites The Dust: Home Depot and Sprint Announce Layoffs …

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