Forex Wrapup: Dollar Benefits As Traders Focus on Weak Economies Elsewhere
August 8, 2008
Grace Cheng submits:
Big and largely one-directional moves have dominated the forex markets this week, and once again, the US dollar is the crowned winner against major currencies. It isn’t just any rebound; the dollar rose mightily to multi-month highs versus the Euro, Swiss franc, British pound, Japanese yen, and was also up against commodity currencies like the Canadian dollar, Aussie and Kiwi.
This week marks the fourth straight week of USD advance against the EUR and CHF, coinciding with the commencement of the Olympics in Beijing on 08/08/08. The current dollar rally is not irrational even though the US economy is still in the dumps. We are currently seeing a massive overturn of expectations relating to rate advantage in the market.
Forex Wrapup: Dollar Benefits As Traders Focus on Weak Economies Elsewhere
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