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The Greenback Steams Up After Labor Day

The USD saw a bullish trading session versus all of its major currency crosses yesterday. The USD took advantage of the falling Crude Oil Prices that reached a four month low and some bearishness by its counterpart currencies. Against the EUR, the USD reached its highest value in more than half a year as the pair traded under 1.46. The biggest gains for the USD were seen against the weak GBP as the two were traded in the low 1.79’s.
There were no economic data releases for the USD yesterday because of the Labor Day holiday and the closed markets, however much volatility was seen from the greenback. In Federal Reserve Governor Randall Kroszner’s speech yesterday, he noted that the influence of U.S. housing and financial problems on economic weakness elsewhere demonstrates how intertwined the world’s economies are and explained that the theory that the USD had become independent from […]

Original post by Forextvblog

This entry was posted on Tuesday, September 2nd, 2008 at 3:26 am and is filed under gold price, Crude Oil, USD, 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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