Daily Forex Commentary for August 10, 2009

August 8th, 2009 • Related • Filed Under




August 10, 2009

EUR USD Posts Weekly Reversal Top

The U.S. Dollar posted a strong reversal to the upside today following the release of a better than expected U.S. Non-Farm Payrolls Number. The report which showed a loss of jobs less than economists had estimated sent a signal to traders that the U.S. may be the first major economy to recover from the recession.

Traders most likely bought the Dollar in anticipation of the Fed announcing the end to its easy money policy and perhaps introducing an exit strategy which includes …
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