The Dollar continues to safely strengthen against the major currencies, and yesterday the greenback reached a 10-day high against the EUR. For now, it seems that the ongoing reports claiming the U.S government is combating recession, and the wide acceptance of the steps it's taking by financial experts around the world are enough to set free the bullish trend we're witnessing for the past couple of weeks.
As for yesterday, a batch of relatively positive data was delivered, supporting the Dollar's upward trend. The monthly U.S Core Retail Sal... ( read more )
Archive for February, 2009
February 12, 2009 - Will The US Retail Sales Drive the Greenback Higher?
The greenback completed yesterday's trading session with mixed results versus the major currencies. The U.S. Dollar was little changed against the EUR, with the pair closing at the 1.2950 level, but higher against the GBP in a volatile session which saw the pair closing at the 1.43 level. This came amid signs that the U.S. Senate and House of Representatives will be able to bridge their differences on the economic stimulus plan.
The market expressed some optimism for the USD after the U.S Congress and Obama administration reached a deal yest... ( read more )
February 10, 2009 - USD Recovers after Negative News for Euro-Zone
The Dollar initially lost ground yesterday but recovered in late trading as forex markets shrugged off a delay to the much anticipated U.S. bank bailout announcement. Despite the postponement, riskier currencies gained favor and currencies such as the USD and JPY fell as traders' risk appetite increased.
The U.S. bank bailout package is expected to provide added stability to the global economy, restore confidence to shaky financial markets, and has the potential to boost U.S. economic growth. This is providing traders with new reasons to tak... ( read more )
February 9, 2009 - The Economic Stimulus Bill; Will It Help the Greenback?
Last week ended with a dismal report from the U.S. Labor Department which showed Non-Farm Payrolls dropping an additional 598,000 jobs this month, the deepest employment cut in 34 years! Traders saw the USD drop against every major currency pair, save the JPY, as a result. After closing Thursday's session up against the EUR at the 1.2835 price level, the USD turned around and lost a healthy portion of its momentum Friday, closing the week at 1.2966. Against the Pound Sterling, the greenback continued to take on loss and is currently trading at ... ( read more )
All Eyes On the Nonfarm Payrolls
The USD has strengthened against most of its major counterparts, continuing to prove that, for the time being, this is the solid currency that traders can rely on to provide them with steady profits. The EUR/USD stopped the upside move at a good resistance level of 1.2900 level and from then on the pair fell all the way down to the 1.2790 level. Risk aversion continues to give the Dollar strength and that is likely to continue until we see signs of stabilization.
The dollar rose yesterday on renewed hopes the Obama administration will shore ... ( read more )