Daily Forex Commentary for August 17, 2009

August 14th, 2009 • Related • Filed Under




August 17, 2009

AUD USD Posts Weekly Closing Price Reversal Top

The U.S. Dollar traded sharply higher against most major foreign currencies before giving back some of the gains into the close. Friday’s bullishness for the Dollar was set off by an early morning report that showed U.S. consumer sentiment had declined from the last month. Coupled with Thursday’s poor U.S. Retail Sales Report, investors now believe the recovery in the U.S. economy will not be as robust as previously thought.

Despite positive commentary from Reserve Bank of Australia Governor Stevens …
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