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The US Rescue Plan Pushes the USD Up Localy

The USD surprisingly underwent a bullish trading session yesterday as it appreciated against all of its major currency rivals. Earlier in the day, the greenback reached session highs against the EUR after negative Euro-Zone manufacturing data focused attention on weakness in the Euro-Zone. At the end of yesterday’s session the USD closed at 1.4644 versus the EUR. The USD also saw steady gains against the Pound Sterling and Swiss Franc.
The most influential economic data coming from the U.S. yesterday were the testimonies of Fed Chairman Bernanke and Treasury Secretary Paulson to the Senate Committee on Banking, Housing, and Urban Affairs. Investors were encouraged by a slight decrease in oil prices as they awaited details of the U.S. government’s bailout package. The initial euphoria about the plan to buy damaged mortgage debt has turned to anxiety about how the government will fund the $700 billion deal without burdening the U.S. taxpayer. […]

Original post by Forextvblog

This entry was posted on Wednesday, September 24th, 2008 at 4:06 am and is filed under rescue plan, currency, 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.

One Response to “The US Rescue Plan Pushes the USD Up Localy”

  1. The US Rescue Plan Pushes the USD Up Localy Says:
    September 24th, 2008 at 7:20 am

    […] Original post by TopForex.info […]

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