ADP Non-Farm Employment Change On Tap

The greenback saw mixed results during yesterday’s trading session, and continued it advance against a basket of major currencies. Positive USD positions were supported by a series of events which started after the release of poor Euro-Zone fundamental data. Another help for the greenback was a drop in Oil prices as Hurricane Gustav slowly passed without causing any major damage to energy facilities in the Mexican Gulf. Yesterday, U.S. Factory Orders showed a better than expected rise of 1.3% in July, sending the EUR/USD pair to its lowest level since January at 1.4485 before tumbling even further to 1.4383. Against the JPY the USD fell 0.5% to 108.12.
The USD has continued to gain support over the last few weeks and continues to benefit from global economic worries. This is due to investors who are looking to avidly push long greenback positions rather than other currencies whose countries were further behind […]

Original post by Forextvblog

This entry was posted on Thursday, September 4th, 2008 at 3:26 am and is filed under trading, gold price, Crude Oil, 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.