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Dollar Strengthens Ahead of U.S. Non-Farm Payrolls Report

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Aug 7, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar strengthened on Thursday ahead of Friday’s unemployment report. Some Forex markets weakened due to position evening while others softened because of central bank activity.

    The rally today in the Dollar did not change the trend to up but did alleviate some of the oversold pressure that had been building over the past few weeks because of the tremendous demand for higher risk assets.

    The Bank of England started the rally in the Dollar with its announcement to extend its asset buyback program. This essentially announced to the trading community that more British Pounds were going to be pumped into the system thereby weakening the currency. The recent rally in the GBP USD has primarily been driven by speculators looking for the BoE to temporarily end the program because of improved economic conditions so today’s announcement came as a surprise to traders.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

    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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