USD Down on Beijing Reserve Currency Comments
October 26th, 2009 Posted in Daily Forex News
The US Dollar continued its downward trend against the majors this morning as a report from Beijing added selling pressure to the greenback. China has announced its intention to increase its Euro and Yen reserve holdings, which convinced many investors to follow suit. The impact of this report will likely be felt in USD pairs and crosses for the coming week.
In other news, the price of Crude Oil has apparently hit a peak resistance line and reversed course late last Friday. Many analysts claim that the fundamentals for oil are still lacking and the rally above $80 a barrel was primarily the result of Dollar-weakness. Crude prices may continue to appreciate, but the lack of support makes a price above $90 a barrel unlikely.
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