Friday, 11 Feb 2011

Dollar Maintains Bullishness To Close Out Week

The USD maintained its current bullish trend throughout the morning session as investor confidence in the US economic recovrey continues to grow. The dollar began to climb yesterday following a better than expected US Unemployment Claims figure. Furthermore, renewed doubts in the euro-zone's ability to deal with its debt issues brought riskier currencies down. The EUR/USD has dropped around 60 pips since this morning, and is currently trading at the 1.3525 level. The GBP/USD is down close to 85 pips and is currently trading just under 1.5990.

Turning to the rest of the day, traders will want to pay attention to the US Trade Balance figure, set to be released at 13:30 GMT. Analysts are predicting that the trade balance widened over last month. Whether or not the dollar's bullish trend will come to a halt as a result of the trade balance figure is yet to be seen.