SubscribeDaily Forex Commentary for May 5, 2009
May 4th, 2009 • Related • Filed Under
May 5, 2009
Weaker U.S. Dollar Drives Commodity Currencies Higher
The U.S. Dollar started the day stronger but early U.S. housing and construction spending reports came out better than expected and triggered a reversal in the Dollar. Gains were limited in the GBP USD because of thin holiday driven trading. The Euro was also met with some intraday selling pressure ahead of this week’s European Central Bank meeting. Commodity currencies such as the Australian Dollar, New Zealand Dollar and Canadian Dollar all posted strong gains because the weaker U.S. Dollar and a global …
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