Wednesday September 1, 2010 - 20:17:43 GMT
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Forex Hound - www.forexhound.com
U.S. Economic Data Fuels Surge in Euro, Commodity-Linked Currencies
The Dollar declined against the Euro and
commodity-linked currencies after U.S. manufacturing activity showed
a surprise improvement last month. This news came unexpectedly and indicated that
despite calls for a double-dip recession, there were identifiable areas of
strength in the economy.
Today‚Äôs down move in the Dollar began last
night following the release of stronger economic data from Australia and China. Investor appetite for risk was
whetted with the news, triggering a sharp rally in the Australian, New Zealand and
Earlier this morning traders shrugged off a
weaker than expected ADP employment report, signaling that the focus would be
on growth. The ADP number suggested that Friday‚Äôs U.S. Non-Farm Payrolls Report
will likely be in line with pre-report estimates of 120K jobs loss and an
increase in the Unemployment Rate to 9.6%.
Technically the EUR USD changed the trend
on the daily chart to up on the move through 1.2779. This sets up the strong
possibility of a retracement to a major 50% level at 1.2960.
The AUD USD is a big mover at the
mid-session, posting a strong 1.96% gain. The rally also exceeded a retracement
zone at .8995 to .9049. This move sets up a potential rally to a downtrending
Gann angle at .9131.
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