ADP Nonfarm Employment Change Is Due Today.

Yesterday the USD saw bullish momentum against all of its currency pairs. The USD’s value was boosted by Fed Chairman, Bernake’s hawkish speech and the better than expected Factory Orders, which were released at 1.1% compared with the 0% forecast. Against the EUR, the USD’s positive trend caused the pair to cross the 1.5500 range and trade at around 1.5450 after Bernake’s speech.
In Bernake’s speech held yesterday at the International Monetary Conference in Barcelona, he mentioned the greenback’s negative trend in the Forex market. Bernake rarely speaks about the USD, and yesterday the USD was a big part of his speech. Traders also took notice on his words regarding the inflation being a primary concern and further interest rate cuts being unlikely. The USD’s bullish momentum benefited again an hour later as Factory Orders beat out forecasts. The Crude Oil’s decline yesterday gave the greenback even more positive momentum.
Today is […]

Original post by Forextvblog

This entry was posted on Wednesday, June 4th, 2008 at 12:58 am and is filed under Nonfarm, ADP, currency trading, forex, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.