Wednesday, 28 October 2009

Monday's trading

The EUR/USD rose to as high as 1.4444, before closing at 1.4421. This was the USD's weakest rate against the European currency since the middle of December last year. The Dollar fell by about 250 pips vs. the British Pound to 1.6980. This was the Dollar's lowest level vs. the GBP since about the middle of October last year. One of the only currencies that the Dollar gained ground against yesterday was the Yen. The USD/JPY cross increased by about 70 pips to the 95.43 level, as demand for higher yielding assets increased throughout much of Monday's trading.

Looking ahead to today, forex traders can expect much of the same volatility in the market. The Dollar is set to move a lot against its major pairs, such as the GBP, EUR, JPY, and CAD. This is likely to occur, as investors continue to trade on much of yesterday's data. Additionally, the U.S. market is set to be the main market mover again with the with the release of Personal Spending and Personal Income data at 12:30 GMT, and the publication of U.S. Pending Home Sales at 14:00 GMT. In order to take advantage of the very volatile forex market, it's advisable that you open your USD positions now.

No comments:

Post a Comment