Monday, 13 Sep 2010

Dollar Drops against Majors

The USD witnessed a steady depreciation against most of its major currency counterparts in early Asian trade on Monday on positive market sentiment following upbeat Chinese data and an agreement on new banking rules that brought no surprises.

The Dollar is currently trading lower against the EUR by nearly 50 pips at 1.2840. It is also trading lower against the GBP and JPY, as investors remain wary of making big bets in favor of the Dollar these days.

Today is a quiet news day for the U.S. as there are no major economic data releases on the calendar today. However, British and New Zealand appear to be releasing the bulk of today's news, which means we may see a day of trading with low liquidity and therefore increased volatility. Day-traders can take advantage of these intense trading days by swinging within the larger-than-normal price fluctuations