Excerpt from: Futures and Commodity News
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| April 10, 2007 | | U.S. dollar begins downward fall on spot forex market | Spread bets and CFDs, as well as spot forex trades, should short the U.S. dollar as it begins a decline against the Japanese yen, as well as other major currencies on the spot forex market. The International Herald Tribune reports on the U.S. dollar selloff on the spot forex market:
U.S. hedge funds tried to lift the greenback above 119.50 yen with
the aim of taking profits at that level early in the Asian session, but
their efforts were blocked by Japanese exporters and other investors,
traders said.
That triggered a selloff of the U.S. unit first against the yen, then the euro.
"The weakness of the dollar due to an uncertain outlook for the U.S.
economy can't be changed ... with (Friday's) payroll results alone,"
said Jun Kitazawa, head of foreign exchange trading at BBH Investment
Services. "Most players continue to favor the euro." | | |
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