Excerpt from: Forex Commentary
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| April 14, 2010 | | Retail sales unable to boost greenback in forex trading | The U.S. dollar is down in currency trading on the FX market this morning as forex traders look for higher returns. Even the improved retail sales data could not get forex traders to focus on fundamentals -- especially since the Fed has been reluctant to jump on board with optimism regarding economic recovery.
However, there are hopes that things may change today. GFT's Kathy Lien reports in FX360 on the economy and hopes for a change in the Fed's stance:
Despite the obvious improvements in the labor market, the financial
markets and consumer spending, the Fed is not buying it. Since the last
FOMC meeting, they have been very careful about appearing overly
hawkish. So far, they remain committed to a "low for long" stance, but
it will be just a matter of time before they will need to raise the
discount rate. Today's testimony could provide a good opportunity for
Bernanke to telegraph a discount rate hike.
| Topic Tags: Ben Bernanke, currency trading, forex traders, forex trading, Kathy Lien, retail sales, U.S. dollar | |
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