SubscribeDaily Forex Commentary for November 5, 2009
November 4th, 2009 • Related • Filed Under
Fed Statement Bullish for Higher Yielding Currencies but Follow-through Needed
The U.S. Dollar finished sharply lower today against most major currencies except the Japanese Yen. Speculators bet early and often this morning that the Fed would do nothing with interest rates nor hint at an end to its stimulus plans. These bets paid off as the Dollar weakened further after the FOMC announcement in the afternoon.
Demand for higher yielding assets was strong today and, based on what the Fed said, bullish traders should have a free …
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