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Daily forex commentary on economic events, currency pairs, market observations
as well as support and resistance for major currencies traded in the foreign
exchange market.
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| | Fri, 03 Feb 2012 09:44:56 -0500 | | | Greenback in currency trading US economic data has crushed estimates and the first news is sending the US dollar higher in forex trading. Indeed, the news that the unemployment rate has fallen to 8.3%, and that the economy added 243,000 jobs in January has boosted demand for the US dollar. The good news out of the US stands in contrast to the disappointing news out of the eurozone. Disappointing regional data is dragging on the euro so that it cannot take advantage of an environment of risk appetite. Plus, the US dollar is showing such strength in forex trading that gold prices are pulling back. Gold has been steadily gaining strength, and the combination of profit taking, plus a stronger dollar, is enough to send gold prices lower today. See Also | |
| | Thu, 02 Feb 2012 10:57:53 -0500 | | | Uncertainty sends euro down on risk aversion There is just enough uncertainty in the FX market to send the euro lower today in forex trading against the US dollar. The 17-nation currency is heading lower as concerns about Greek debt remain, and as forex traders consider the United States. Indeed, Ben Bernanke just told Congress that the United States remains vulnerable to financial problems as long as the issue of the deficit is avoided. The result is that there is uncertainty, even with recent good news out of the eurozone and even out of the United States. For now, euro is pulling back, moving lower against the dollar and unable to regain the momentum from its recent rally. See Also | |
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