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Dollar Falls on Fed Official's Rate Comments And The Wild Card Gold 19 Nov 2009

Discussion in 'Major Currency Crosses' started by forexqs.blogspot.com, Nov 19, 2009.

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    Dollar Falls on Fed Official's Rate Comments And The Wild Card Gold 19 Nov 2009
    Thursday, 19 Nov 2009
    Dollar Falls on Fed Official's Rate Comments

    The EUR advanced on the U.S dollar Wednesday, but failed to reach the $1.50 mark as investors zeroed in on a Fed official's comment suggesting key interest rates could remain low until 2012. Federal Reserve officials were quoted saying that the Fed could keep short-term fed funds rates at near-zero until early 2012. The ultra-low rates weigh on the U.S dollar, as investors use the buck to fund investments in higher-yielding assets.

    The Wild Card
    Gold

    Gold prices rose significantly in the last month and peaked at $1141.25 for an ounce. However, the daily chart's RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.

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