Excerpt from: GFT News
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| July 09, 2008 | | Iran and oil prices hurt greenback in currency trading | After doing well yesterday, the US dollar is struggling in FX trading today. With the news that Iran has test fired a missile that could reach Israel, oil prices are on the rise again. Iran's increasingly belligerent rhetoric is putting Western nations on the defensive, and raising concerns.
Iran is a major oil producer, and an OPEC nation. Additionally, the Middle East is already considered somewhat unstable. An Iran that might very well go after Israel could force an all out war. These worries have oil prices jittery. Since the US dollar often moves inversely to oil, this is causing a problem for the greenback in currency trading.
Even though the dollar is falling in forex trading, it is trying to hold on. The greenback has managed to pare back some of its losses in currency trading so far, keeping it from plunging.
| Topic Tags: currency trading, dollar forex trading, forex trading, FX trading, greenback currency trading, Iran missile, oil prices, US dollar FX trading | |
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