Excerpt from: Forex News
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| January 02, 2009 | | Dollar gains against the euro in forex trading | The U.S. dollar is starting 2009 higher in currency trading on the FX market as euro zone economic data shows that the economy on the other side of the Atlantic continues to slow. Indeed, the dollar is at a two-week high against the euro in forex trading today.
Greenback is also being helped by lower oil prices. Continued concerns about the global recession weigh on oil prices, causing them to drop. The U.S. dollar often moves inversely to oil prices, and as they drop, greenback often gains in FX trading.
However, a contraction by U.S. manufacturing may serve to limit today's dollar gains in currency trading. Additionally, there has been some observation that euro dips in forex trading have recently been turning into bounces.
It is clear that there is still a measure of increased volatility on the FX market that will not be easily done away with.
| Topic Tags: currency trading, dollar currency trading, euro forex trading, forex trading, FX market, FX trading, oil prices, U.S. dollar | |
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