Thursday, 2 December 2010

Economic Indicators Turn Postive for the U.S.

U.S. dollar higher in forex trading

Economic indicators are turning positive for the U.S., with hopes for another increase in nonfarm payrolls. Additionally, there has been an increase in consumer confidence, and that is helping matters.
For the most part, a cautious optimism has come to the U.S. market, helped along by holiday sales from the Black Friday weekend. The U.S. dollar is higher in forex trading, but that may just be due to weakness in Europe, and continued weakness shown by gold prices
For now, though, it does appear as though there is some hope for the U.S. economy, and that the U.S. economy may be finding its footing.

Euro Catches a Break in Forex Trading

Currency trading with EUR/USD

The euro is catching a break this morning in forex trading on the currency market. The last few days have been somewhat grueling for the euro, as it has been rather weak. Concerns about the state of the euro zone -- thanks to sovereign debt concerns -- have predominated.

Today, though, forex traders have something different to think about. Economic data has been pouring in from around the world, and the result is encouraging. High beta currencies from the pound to the Aussie are gaining along with the euro as the U.S. dollar drops.

With the U.S. dollar no longer needed as a safe haven, and with gains by metals to lend strength, EUR/USD is gaining rather handily in currency trading on the FX market. We will have to see how long this new found optimism lasts, however. More bad news could easily send the euro tumbling again.


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