Monday August 9, 2010 - 20:12:29 GMT
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Forex Hound - www.forexhound.com
Slow News Day Leaves Stocks Rangebound but Higher
The lack of fresh economic news and
tomorrowâ€™s Federal Open Market Committee meeting have kept investors on the
sidelines today, causing sideways trading.
The bias has been to the upside in the
stock indices but there has been very little commitment in terms of size.
Individual stocks are driving the indices higher rather than economic news.
The U.S. Dollar is trading higher at the
mid-session ahead of tomorrowâ€™s FOMC meeting. In what is probably position
squaring ahead of the Fed meeting; the Dollar is posting gains against all
majors. The biggest gain coming against the Swiss Franc. The lack of fresh
economic news following Fridayâ€™s disappointing Non-Farm Payrolls Report is most
likely a contributing factor to the Dollarâ€™s strength.
On Tuesday the Federal Open Market
Committee is expected to consider renewing its quantitative easing program by
reintroducing its purchase of government bonds and mortgages. Some believe,
however, that the Fed is only going to consider extending its monetary policy
rather than making an actual change. Either way, investors will be keying in on
the language used by the Fed in its policy statement.
Look for the Dollar to gain over the
short-run if the Fedâ€™s remains firm in its policy statement. Any softening in
the Fedâ€™s tone will put pressure on the Greenback.
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