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Brighter Outlook for Economy Supports U.S. Dollar

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Dec 22, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar rallied following the release of a better than expected existing home sales report and never relinquished its gains. The rise in the Dollar following the release of good economic news is another sign that investors are returning to watching traditional fundamentals for direction. Gains are being limited this week because of thin holiday trading. Longs should watch out for pre-holiday profit-taking tomorrow and Thursday.

    The Dollar received a boost overnight following another downgrade of Greece’s debt, but gave back those gains when the U.S. released a lower than estimated final third quarter GDP report. The good news from the housing sector underpinned the Dollar the rest of the day and the index closed a little off its high.

    The Euro finished lower. The combination of a downgrade of Greece’s debt by Moody’s and the better than expected U.S. housing report helped to apply the downside pressure.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.
     
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