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USD’s Bullish Move returns

Last week, the USD went through a bullish trend against most of its currency counterparts. The greenback gained around 400 pips versus the EUR, trading at under 1.43 on Friday. The USD also saw big gains against the GBP and CHF. The USD did experience some bearishness against the JPY towards the end of the week, due worse than-forecasted economic data from the US against the JPY’s positive momentum. The USD took advantage of its currency rivals’ bearishness last week, as the EUR couldn’t catch a break with a batch of bad economic releases. The USD also gained momentum from Hurricane Gustav’s-less-than expected effect on the US and the oil companies, which drove down the crude oil prices. There were also a few American economic releases that supported the USD, as the Factory Orders, ISM Non-Manufacturing PMI and Total Vehicle Sales all beat forecasts. Traders should notice that towards the […]

Original post by Forextvblog

This entry was posted on Monday, September 8th, 2008 at 2:59 am and is filed under currency, price, gold, 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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