The Greenback Retreats

Yesterday, the greenback saw bearish trends against its rival currencies, retreating from this week’s eight-month highs versus a basket of currencies. The greenback was greatly affected by an unexpectedly rise of Crude Oil prices and constant worries of the U.S. financial sector which tumbled the USD and set it on track for its worst one day fall in five months. The USD fell as low as 104.14 vs. the JPY and was traded against the EUR at 1.4906 from 1.4742 on late Wednesday.
In the beginning of the trading session, the USD rose against the EUR and the JPY as data that was released showed that Initial jobless claims fell last week to 432k, and the Philadelphia Federal Reserve August Business Index improved to -12.7 from -16.3 in July. However, renewed worries about home funding giants Fannie Mae and Freddie Mac ignited a rally in the debt prices of the […]

Original post by Forextvblog

This entry was posted on Friday, August 22nd, 2008 at 4:43 am and is filed under 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.