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Greenback Down for Week but Jobs Data Offers Ray of Light

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Nov 6, 2010.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar finished lower for the week, but a rally on Friday helped offer a ray of light for the Greenback.

    The U.S. Dollar strengthened against most major currencies after the government said the non-farm payrolls grew by 151,000 in October, exceeding pre-market guesses. The Labor Department also revised upward payrolls for August and September. The strong showing helped keep October’s unemployment rate at 9.6%.

    The strong showing from the jobs data report helped the U.S. Dollar recover some of its earlier losses particularly against the Euro and British Pound which suffered big losses. The fresh employment data helped give risky assets a boost, driving up demand for commodity sensitive currencies such as the Australian, New Zealand and Canadian Dollars.

    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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