Daily Forex Commentary for August 20, 2009

August 20th, 2009 • Related • Filed Under




August 20, 2009

Is Rising Crude Oil Going to Pressure the U.S. Dollar?

A surprise decline in crude oil inventories led to a reversal to the downside in the U.S. Dollar on Wednesday. Crude oil rallied sharply higher triggering rallies in the equity and currency markets on the notion that trader demand for higher risk assets would increase.

Higher equity and energy prices helped the EUR USD gain ground throughout the day in a combination of short-covering and fresh buying. Many Euro traders had been leaning to the short-side prior to …
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