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Upbeat Beige Book Fails to Turn Dollar Positive

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jan 13, 2010.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar finished lower after a choppy trading session. Even upbeat Beige Book data failed to stimulate buying interest in the Dollar. The Greenback traded higher last night after Germany announced that its economy had shrunk more than expected in 2009. Hawkish comments from Federal Reserve Bank of Philadelphia President Plosser also triggered a rise in the Dollar.

    The Dollar could not hold its earlier strength and broke sharply lower ahead of the New York opening before mounting a strong recovery in the Cash Dollar Index to 77.03. Increased demand for higher yielding assets was the theme today.

    This afternoon’s Beige Book confirmed the improvements in the U.S. economy but offered no solid evidence that the Fed is getting ready to raise interest rates sooner than expected.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

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