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Friendly IMF Report, U.S. Economic News Pressure Dollar

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 1, 2009.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar closed lower against most major currencies on Wednesday. The bearish tone was set during the overnight trading session following the release of a report from the International Monetary Fund that showed a reduction in the amount of estimated losses from the financial crisis.

    Trading was mixed during the New York session as economic data from the U.S. triggered a two-sided reaction. The choppy trading conditions were created when traders tried to balance the benefits of a better than expected GDP number and a worse than expected Chicago PMI report. In addition to these two reports, investors had to determine what influence if any the ADP Employment had on the economy. The number was better than expected, but none the less reflected further job losses.

    Demand for the Dollar was weak throughout the day as traders felt more confident to seek higher yields in more risky assets.

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

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