As the USD shows unclear signals about where it is heading, and the EUR appears to be following the lead of the greenback, the market's primary currencies seem to be confusing the bulk of forex traders. On the other hand, the British Pound has shown strong signs of life and Britain is scheduled to release significant economic data today which may cause the GBP to be the main subject of today's trading.
The USD dropped against most of its major currency rivals yesterday, pressured by Russian angling for a new global reserve currency. By yest... ( read more )
Archive for June, 2009
June 16, 2009 - The Greenback Continues To Gain
The USD and JPY regained their status as safe-haven currencies after the release of worse than forecasted economic data from the Empire State Manufacturing Index and TIC Long-Term Purchases reports and a subsequent return to risk aversion. The two currencies gained against most of their major currency pairs amidst a volatile trading day. Today's trading is expected to be volatile as well with major news releases from the U.S and Euro-Zone including the U.S Building Permits and the PPI releases at 12:30 GMT, the German ZEW Economic Sentiment at ... ( read more )
June 15, 2009 - USD Gains A Head of This Trading Week
The EUR came under selling pressure against the greenback on Monday after the UK Daily Telegraph reported on its website that Germany's top industrial group has warned that Germany's credit crunch is deepening. The dollar also drew some support after Russia's Finance Minister said the nation has full confidence in the U.S. currency. His remarks came ahead of the first summit of leaders of Russia, China, India and Brazil on Tuesday, at which the leaders are expected to discuss issues including foreign reserve diversification.
Last week marke... ( read more )
June 12, 2009 - The Greenback Weakens despite Positive Data from U.S
Today's upcoming G20 Summit of the 20 most industrialized nations in Berlin, Germany today is set to dominate USD trading. Additionally, the forex market is set to go very volatile on the publication on the U.S. Import Prices indicator at 12:30 GMT, and the publication of the U.S. Consumer Sentiment indicator at 13:55 GMT. Forex traders are advised to open their Dollar positions now in order to make profits as today's events unravel.
The Dollar's downtrend continued yesterday as the USD dropped against all the major currencies. The Dollar's... ( read more )