The USD’s Bullish Trend Continues Without a Halt

The USD underwent a bullish trading session yesterday, as it appreciated against all of its major currency rivals. The dollar rose 0.6% and closed under 1.4520 versus the EUR in yesterday’s trading session, even seeing prices dip under 1.45. Also, the USD saw gains against the GBP, as the GBP/USD pair hit a 2-1/2-year low of $1.7784 before pulling back to $1.7832.
The greenback saw significant bullishness yesterday as a sharp drop in Oil prices and persistent concerns about the health of other major global economies drove investors to positions supporting the greenback. The theme driving global financial markets yesterday was crude oil’s tumble to as low as $105.46 per barrel in early trading, as Hurricane Gustav had limited impact on energy infrastructure. U.S. Manufacturing PMI shrank slightly to 49.9 in August from July’s mark of 50.0, the level separating contraction from expansion, while inflation pressures also eased. The indicator result […]

Original post by Forextvblog

This entry was posted on Wednesday, September 3rd, 2008 at 2:09 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.