| Forex News Center | | | Forex New York Close Archive |
Tuesday, 3 Nov 2009
Dollar Rebounds on Poor Economic Data
The Dollar rebounded today on the publication of poor economic data. The U.S. Factory Orders showed a result of 0.9%, rather than the 1.1% forecast. This led to a rebound in the USD's fortunes today, as traders used the USD as a safe-haven against currencies such as the EUR and CHF.
The EUR/USD cross fell by a massive 85 pips today to the 1.4688 level. The USD also made impressive gains vs. the JPY and CHF. However, it declined considerably against the Canadian Dollar. Looking ahead to late night trading, it's recommended that you continue buying-up the greenback, whilst the current trend it still hot.
