11-06-2009, 10:30 AM
|
 |
FX Analyst
Superior Master Contributor and Member
|
|
Join Date: Feb 2007
Posts: 847
|
|
U.S. Dollar Starts to Rally in Forex Trading
Risk aversion sets in as unemployment hits 10% The U.S. dollar is starting to pick up steam today in forex trading on the currency market. The latest non-farm payroll data is in, and unemployment is at a high not seen since 1983. Indeed, the unemployment rate has finally reached 10%, and there are concerns about the economic recovery as a result.
This uncertainty is leading forex traders to abandon the risk trade. While high beta currencies like the sterling and the euro saw some consolidation earlier in forex trading, that is gone now. Instead the U.S. dollar is becoming the investment of choice as a safe haven is sought.
It is also quite likely that the U.S. stock market, which saw the Dow close yesterday just above 10,000, is likely to open lower this morning.
See Also
|
Linear Mode
