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U.S. Dollar Weaker, but Closes off Low

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 26, 2010.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar lost ground overnight in reaction to the news that the G-20 couldn’t offer any support to the ailing Greenback. After an initial thrust to the downside, profit-taking was able to drive the Dollar off its lows.

    Today’s action indicates that while the Dollar is still weak, it may just sit in a range versus the major currencies until the Federal Open Market Committee’s statement on November 3.

    Although traders expect the Fed to formally announce plans for a new round of quantitative easing, traders are still not sure how much and how it will distribute the money. Since Fed Chairman Bernanke confused traders in a speech a little over a week ago, traders have been tentative about taking aggressive long positions against the Dollar. The only exception to this statement is the Japanese Yen.

    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.
     
    #1 forextrends24, Oct 26, 2010
    Last edited: Oct 26, 2010
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