Some Action Seen in USD while EURJPY showed some slow moves

Wednesday, November 11, 2009

The US Dollar rose from the lows set on Monday, after Forex investors sought to lock in profits from the steep fall. Analysts speculated that the mood on the street was that the Dollar fell too far, too fast and that was the cause for the pull back on Tuesday.

The trend on the USD is still lower, although and investors can be sure to see more down days in the future. The ICE Dollar index rose to just over 75 after falling to a fifteen month low on Monday.

At 10:20PM GMT, the US Dollar was trading up .2% to the Euro to 1.4968, up .1% against the Australian Dollar to .9286, up .2% to the New Zealand Dollar to .7415, up .14% versus the Swiss Franc to 1.0087 and down .2% against the Japanese Yen to 89.75.

Chart Analysis: EURJPY

A new four-day high was rejected today and interest rates have ticked sharply lower, suggesting there could be more downside pressure for the shortest term on JPY crosses.


About This Blog

Get the latest Forex online news and updates right here at one place.