SubscribeDaily Futures Commentary June 8, 2009
Monday, June 8, 2009
The right combination of fundamental and technical factors helped the U.S. Dollar surge to one-week highs against most major currencies last week. The strong close in the Dollar may lead to follow-through buying this week while putting pressure on the major currency futures.
Fundamentally, the late in the week rally by the Dollar was primarily triggered by the 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 broke on good news. This may be an indication that global traders feel the U.S. financial administrators finally got it right and have put the U.S. economy in strong position to recover well before the rest of the world.
Investors expressed confidence in the change in sentiment toward the Dollar by turning gains from earlier in the week into a cluster of weekly closing price reversal tops All these markets have to do is follow-through to the downside this week in the direction of …
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