Daily Forex Commentary for June 8, 2009

June 7th, 2009 • Related • Filed Under




June 8, 2009

Heavy Volume and Weekly Reversal Signals Start of U.S. Dollar Rally

The right combination of fundamental and technical factors helped the U.S. Dollar surge to multi-week highs against most major currencies on Friday.

Fundamentally, the Dollar rally was triggered by a better than expected U.S. jobs report. The U.S. Non-Farm Payroll Report showed a loss of fewer jobs than forecast which brought confidence to traders that the U.S. was leading the world out of the recession.

This reaction was different than previous reactions where the Dollar …
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