Excerpt from: GFT News
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| January 07, 2009 | | Greenback falls in currency trading | The U.S. dollar rally that has been going fairly strong for the last couple of months is showing some signs of trouble. The greenback is falling in currency trading as news emerges about how confident the Fed is in the economy.
Indeed, with the latest FOMC meeting minutes released, it is clear that the Federal Reserve sees further contraction ahead. (Enter additional speculation regarding a 0% Fed rate.) At any rate, on the news regarding the economy, the U.S. dollar is pulling back against the euro in forex trading -- and against some of the other majors as well.
Other economic data that is weighing on the U.S. dollar includes:
- Increased jobs cuts.
- Consumer confidence.
- Housing market.
Many analysts and experts are wondering if recovery from the recession may take longer than many originally expected -- even with help from an economic stimulus plan recently unveiled by Barack Obama.
| Topic Tags: currency trading, economy, euro forex trading, FOMC, forex trading, greenback currency trading, recession, U.S. dollar forex trading, U.S. dollar rally | |
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