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Most Major Forex Markets End Lower After Stock Market Sell-Off

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jul 23, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    Most major Forex markets finished lower after a late session sell-off in the U.S. equity markets. Shortly after the mid-session in New York a strong surge in stock market sent shorts scrambling and helped break the U.S. Dollar to the low of the day, but losses were quickly erased when the stock market couldn’t hold on to gains after the bonds closed at 2:00 pm CDT.
    The EUR USD continued its march toward the June top at 1.4337 earlier in the day, but failed to hold on to gains into the close. There was no particular reason for the weakness other than demand for higher risk assets declined when equity markets reached an overbought level.
    The GBP USD sold off late in the session as another attempt to break out to the upside failed. This market appears to be trying to form a secondary lower top but has not attracted enough selling pressure yet to complete the move. A weak stock market tomorrow could put downside pressure on this pair. Traders may also start to shy away from the long side ahead of the release of the U.K. Preliminary GDP Report on Friday.
    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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