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Late Stock Market Recovery Leads to Mixed Forex Results

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Aug 4, 2009.

  1. forextrends24

    forextrends24 New Member

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

    A late session rally in U.S. equity markets led to mixed closes in the Forex market. Despite several efforts to break the stock market during the trading session, demand for higher risk assets prevailed by the end of the day sending most major Forex markets to a higher close.

    GBP USD finished higher although selling pressure was present following a test of 1.70. This could be an indication that buying may be slowing down at current levels. It may also mean that traders are reluctant to put on new positions ahead of this week’s Bank of England meeting on August 6th.

    The EUR USD recovered after an intraday sell-off following a test of 1.44. At times during the trading session it appeared that weakening equity markets would trigger a reversal top in the Euro, but a late session rally in the stock market stopped the break in the Euro. Trading may be sideways the next few days as investors may be a little reluctant to put on major positions ahead of this week’s European Central Bank meeting on August 6th.

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

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