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Will The Greenback Keep Falling This Week?

The US Dollar experienced a bearish session trading last week, due largely to rising oil prices and the hesitancy of the Federal Reserve to hike interest rates to battle inflationary scares in the US. Investors came into last week with the assumption that the US would beat the Euro-Zone to the punch and hike interest rates. This and some poor early data from the EU sent the dollar up against its major counterpart by more than 100 points. However the dollar was not able to maintain this trend and began to fall consistently throughout the rest of the week versus most of its major currency rivals. Poor US data did little to help the greenback cope with what ended up being a non-changing Fed Rate announcement. Additionally, the FOMC was about as vague as possible regarding how inflationary struggles in the US would be addressed. […]

Original post by Forextvblog

This entry was posted on Sunday, June 29th, 2008 at 11:52 pm 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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