The Greenback Continues to Trade Choppy Range

The USD experimented with a choppy trading session against its main currencies rivals yesterday, amid a slide on worldwide stocks. The market fluctuations were conditioned by a fall on Wall Street, which saw stocks plunge to their lowest levels since 2003. There was also a fall in shares in the auto industry threatening bankruptcy in this vital sector of the U.S. economy.
The USD recovered from its earlier losses and managed to rally against the EUR later in the day. It is now trading back under the 1.2500 level after being traded at a session low of 1.2813 yesterday morning. Against the JPY the USD slipped as investors sought refuge from the low yielding currency.
In other news, investors witnessed a drop in consumer price levels from 0.1% to -0.1% in October, which may be indicative of two things. One, stores may be lowering prices across the U.S. to increase spending […]

Original post by Forextvblog

This entry was posted on Thursday, November 20th, 2008 at 2:24 am and is filed under 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.