1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

U.S Dollar Posts Biggest Gain in Weeks

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

  1. forextrends24

    forextrends24 New Member

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

    On Friday the U.S. Dollar posted its biggest gain in weeks against a basket of currencies. The strong up move was triggered by a better than expected Non-Farm Payrolls Report which showed a decrease in the unemployment rate from 10.2% to 10%. The pace of job losses also declined and there was a revision to the better in October.

    Traders bought the Dollar on the thought the Fed would begin reducing stimulus and raising interest rates sooner than previously estimated.

    Technically, the move in the Dollar was only one week up, but it did lay the groundwork for a further rally next week by taking out last week’s high at 75.66. The weekly chart is the one to watch for the best change in trend indicator. At this time the main trend will turn up when this index crosses the November top at 77.50.

    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.

Share This Page