Excerpt from: Forex News
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| July 03, 2009 | | Pound and euro pull back briefly in forex trading | Economic activity has shown signs of slowing again in Britain and in the euro zone as "economic green shoots" continue to wither. GFT's Boris Schlossberg comments on the flagging economies on the other side of the Atlantic in FX360:
The stall in economic activity confirms our suspicion that
the recovery trade is losing momentum as final demand remains
lackluster. As we noted earlier the overall picture, “indicates
stability, but little further improvement in both EZ and UK and does
not augur well for risk currencies going forward.” The Aussie remains
the one exception amongst the majors as Australia continues to benefit
from Chinese demand.
On the news, the pound and the euro pulled back in forex trading slightly. The U.S. dollar is gaining some favor as a safe haven.
| Topic Tags: economic activity, euro forex trading, euro zone, forex trading, trade, U.S. dollar | |
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