Tuesday, September 8, 2009

US Trades after Labor Day

As the US market was closed yesterday, the US Dollar slid versus other Forex currencies. The Labor Day holiday in the USA and Canada took its toll on the American currency. It came close to its 2-week low versus the GBP after the statement of Kraft Foods to buy British chocolate maker Cadbury. In spite of low trading risk appetite remained high on Monday. The Dollar Index, which measures the value of the Dollar versus its six main counterparts, dropped by 0.2% to 78.00 yesterday.The USD/JPY cross weightened by 25 pips yesterday to the 92.85 level.

On Monday the Australian Dollar performed a significant rise hitting a 1 year high vs. the U.S. Dollar. The AUD was received unexpected support from rising Gold and Crude Oil prices as of late, which Australia's currency is highly dependent. In addition, Australia's currency is in much greater shape than that of America. The CAD made became closer to the greenback. By the end of yesterday's trading, the EUR/USD pair finished trades at 1.4332.

No comments:

Post a Comment