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The Range Trading Continues

Yesterday, traders who went long on the USD saw some significant profits. The greenback gained 142 pips against the EUR, reaching the low of 1.5468 during yesterday’s trading session. The GBP\USD depreciated from 1.9755, down to 1.9594. The USD\JPY ascended from 107.25, up to 108.00.
Even though the USD was absent from the economic calendar yesterday, it nevertheless strengthened as a result of some very gloomy indicators published for the EUR, especially in Germany, which is considered the strongest and the most important economy in the Euro-zone. More support for the USD came during last Wednesday’s Fed announcement, that ensured U.S Interest Rates will remain intact after a string of cuts since September, calming the rising inflation.
As for today, a batch of data is scheduled for the USD. The first one on tap will be the U.S National Home Price Index. This indicator measures the annual change in the average price […]

Original post by Forextvblog

This entry was posted on Tuesday, June 24th, 2008 at 2:36 am and is filed under Crude Oil, 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.

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