Daily Forex Commentary for June 4, 2009

June 3rd, 2009 • Related • Filed Under




June 4, 2009

Dollar Way Up

A combination of technical and fundamental factors helped contribute to a huge rise in the U.S. Dollar against all major Forex pairs on Wednesday. This action sent commodity-linked currencies like the New Zealand Dollar and the Australian Dollar into a tailspin as longs scrambled to get out of their positions.

The biggest surprise today was how fast the U.S. Dollar gained strength given the recent weakness. Gone was the constant chatter of “green shoots” that had peppered financial market commentaries for the past 90 days. …
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