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Dollar Stalls after Hitting Three-Month High

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Dec 18, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar reached a three-month high today. The strong surge to the upside was fueled by the S&P’s downgrade of Greece’s credit rating. This strong rally started last night but gained strength throughout the day on the possibility of more downgrades of Euro Zone sovereign debt. Investors treated the Dollar as a safe-haven investment on the fear that the spread of bad debt throughout the region could trigger serious banking issues, curtailing the current economic recovery.

    The EUR USD took out a major 9-month uptrending Gann angle as well as a minor .618 level overnight and accelerated to the downside. Both fundamental and technical factors contributed to today’s weakness. Look for the downside momentum to continue unless the European Central Bank steps up to defuse the growing debt crisis by freeing up liquidity.

    The GBP USD sold off today because of a disappointing retail sales report. This news overwhelmed Wednesday’s better than expected jobless claims data. Technically, the British Pound failed to hold retracement zone support and is now trading on the weak side of a 3-month 50% price at 1.6292. The chart indicates this market is vulnerable to a further decline to 1.5941.

    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.
     
  2. Rider

    Rider New Member

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    The balance has shifted: More states reported declining unemployment in November than posted increases, according to a government report released Friday.

    The national unemployment rate improved to 10% last month as joblessness fell in 36 states and the District of Columbia, according to the Labor Department's survey on state unemployment. The rate rose in eight states and held steady in six.
     
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