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The Greenback Continues to Soar

Last week was a very good week for the US dollar as it continued its appreciation for the fourth straight week. During the previous week, the most notable gain came against its European counterpart as the oft-traded EUR/USD lost 360 pips by weeks end and close at 1.4675. In addition, the USD posed quite a remarkable appreciation vs. the GBP last week. The dollar gained almost 550 pips bringing the British Pound to its lowest in almost a year.
More remarkable then the numbers was the reason behind the movement, as results from last week’s US economic indicators could be defined as “mixed” at best. Still, with yet another week dominated by declining Oil prices, the USD was once again the biggest winner.
This week, the market should begin with lower volatility for the USD, as there are no real important news releases scheduled for today. Later on this week, […]

Original post by Forextvblog

This entry was posted on Monday, August 18th, 2008 at 2:38 am and is filed under gold price, 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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