Daily Forex Commentary for August 7, 2009

August 6th, 2009 • Related • Filed Under




August 7, 2009

Bank of England Decision Triggers Dollar Recovery

The U.S. Dollar strengthened on Thursday ahead of Friday’s unemployment report. Some Forex markets weakened due to position evening while others softened because of central bank activity.

The rally today in the Dollar did not change the trend to up but did alleviate some of the oversold pressure that had been building over the past few weeks because of the tremendous demand for higher risk assets.

The Bank of England started the rally in the Dollar with its announcement …
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