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U.S. Dollar Finishes Week Slightly Better

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 3, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar closed the week mixed on the daily chart, but higher on the weekly chart. Weak economic reports highlighted by a disappointing employment report helped boost demand for the lower yielding Dollar.

    The poor U.S. economic reports this week demonstrate the fact that the financial stimulus plans are not working and that the Fed or the Federal government is going to have to take a more aggressive approach toward stimulating the economy.

    The U.S. Dollar Index closed up slightly for the week in a follow-through rally which confirmed last week’s closing price reversal bottom. This counter-trend move typically lasts 2 - 3 weeks and usually reaches a 50% retracement level. In this case, 77.98 is the first target.

    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.
     
    #1 forextrends24, Oct 3, 2009
    Last edited by a moderator: Oct 7, 2009
  2. alessio

    alessio New Member

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    The USD dropped versus other currencies yesterday on a media report released by the Independent, later denied, that Arabic states were in negotiations to stop using the Dollar in oil trading. By the end of yesterday`s trades, the Dollar had lost 0.5% versus the JPY to 88.70. The also fell against the Euro and ended up trades at 1.4723.
     
    #2 alessio, Oct 7, 2009
    Last edited by a moderator: Oct 7, 2009
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