The News Review:
- FREX-Dollar rises to 3-week high versus yen euro falls
- FREX-Dollar rises set to close its best year since 2005
- Market verview by Forex Yard
FREX-Dollar rises to 3-week high versus yen euro falls
Reuters
dollar rallied to athree-week high against the yen on the first trading day of2009 on Friday after a strong performance on Wall Streetencouraged risk appetite. The dollar also gained versus the euro after data showeddeepening recession in the euro zone and as traders deemed theeuro’s rapid advance last month was overdone. Thin holidaytrading volumes may have exacerbated currency moves analystssaid.
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FREX-Dollar rises set to close its best year since 2005
Reuters
dollar rose onWednesday and was headed for its first yearly gain against theeuro since 2005 as the worst financial crisis in 80 years ledinvestors to take refuge in the greenback. The dollar was on track to end 2008 higher against mostmajor currencies as a financial meltdown prompted investors tosell stocks commodities and other risky assets and park themoney in the relative safety of the U.
Market verview by Forex Yard
Forex Hound NY
The Pound at this high level against the greenback was obviously overvalued. The impact of the recession on Britain has therefore helped the cable tumble against the Dollar in such a short period as it was overvalued too. Today there is likely to be a fair amount of movement in the Forex market as traders and banks return to trading. By the end of the trading session there may be rapid movements in the Forex market as the market is likely to react on today’s economic developments as they unfold. Look for volatility in the Dollar before and after the release of the ISM Manufacturing PMI at 3pm GMT. Also traders are recommended to pay close attention to the correlation between the Dollar and the volatility in the price of il as Friday trading unfolds and traders act on the developments coming out of the War in the Middle East. * EURVolatility Set to Be High as Markets ReopenThe EUR and GBP may be more volatile as usual during today’s trading as markets act on pre-News Years Day news.