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U.S. Dollar Gains after ADP Employment Report Signals More Job Losses

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Dec 2, 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 finished the day higher against a basket of major currencies. The weaker than expected ADP Employment Report encouraged investors think twice about buying higher yielding assets. This afternoon’s Fed Beige Book offered nothing new for investors to react to and the Dollar held its ground.

    The EUR USD erased all of this morning’s earlier gains and finished lower for the day. Traders were a little hesitant about getting aggressively long at $1.51 ahead of the tomorrow’s European Central Bank meeting, but managed to hold the psychological $1.50 support. The ECB is expected to leave interest rates unchanged while providing an outline of details on how it will wind down its government stimulus packages.

    The GBP USD managed to follow-through to the upside overnight while overtaking a key retracement level at 1.6646. The strengthening Dollar during the New York session helped push the British Pound back inside of a technical retracement zone at 1.6575 to 1.6646. It is possible that this market is forming another lower top but may need a couple of days to confirm the formation.

    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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