U.S. dollar could gain the upper hand in forex tradingRight now the U.S. dollar is making headway in [B]forex trading[/B] on the currency market as things get a little jittery for investors. Concerns about the economic recovery were raised with yesterday’s surprisingly unpleasant consumer confidence numbers.
As a result, [B]forex traders[/B] are turning to the safety of the dollar and easing away from the risk trade. As things are going, it is possible that the EUR/USD currency pair could fall. GFT’s [B]Boris Schlossberg[/B] explains the situation in FX360:
Yesterday’s shocker of [B]US consumer confidence number continues to weigh on the currency market[/B] with many participants now questioning the strength of the economic rebound. That’s why today’s US Durable Goods report could prove pivotal to this week’s direction of trade. The market anticipates a jump to 0.6% in the core number from -0.3% the month prior. However, if the data once again misses and prints flat or negative on the month risk aversion flows are likely to accelerate with[B] EUR/USD 
[/B] possibly drifting towards 1.4700 by the end of North American session.
If more unpleasant economic data makes an appearance, the inadequate economic recovery will be fully exposed and the [B]risk trade[/B] could suffer a serious blow.
[B]See Also[/B]
[ul]
[li]Information for Forex Traders[/li]Forex trading on the currency market
[/ul]