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Saturday, 28 February 2009 00:33 |
With such a poor US GDP figure released this morning, the USD stumbled into the afternoon with a bit of a knock on the head, but really none the worse for the wear. In fact, the USD bears couldn’t eek out more than minor retracements in most pairs.
The EUR/USD still closed almost 60 points below its open pulling out a DE lower. It may have more to do with the weakness in the stock market than anything else. As folks pull from Equities they convert to cash, building USD strength. The dour economic news and several equity news items put the DJIA on it’s back foot today.
This begs the question, is the USD due for a big surge because the USD bears couldn’t wrest control on such bad US news? Can the support for the EUR finally be giving way? Next week’s NFP may just be the straw that breaks the USD bears back and sends them scurrying back to their caves for a few more months.
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Last Updated on Saturday, 28 February 2009 00:35 |