The Greenback Continues to Rally After Local Correction

Last week was a wild week for the US dollar as it experienced a hefty amount of volatility, before range trading to end the week’s session. Early in the week the greenback traded at 1-year high’s versus the Euro, hitting levels below 1.40. Much of the bullish dollar movement at the beginning of the week was attributed to a combination of positive response from the Fannie and Freddie bailout, falling oil prices and disappointing performance from the Euro-Zone. By weeks end, concern over the effects of Hurricane Ike on US oil supply/demand and a batch of negative US data reversed trends and sent the US on a bearish run, closing at just over 1.43 against the EUR.
Fundamental data from the US last week was not great as a batch of major indicators, such as Pending Home Sales, Trade Balance and Unemployment Claims all disappointed. The announcement of Lehman Brothers bankruptcy […]

Original post by Forextvblog

This entry was posted on Monday, September 15th, 2008 at 3:41 am and is filed under trading, 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.