Thursday September 2, 2010 - 19:32:35 GMT
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Forex Hound - www.forexhound.com
U.S. Dollar Flat to Lower after ECB Decision, Weekly Claims Report
The U.S. Dollar is trading flat to lower at
the mid-session as traders remain cautious ahead of Fridayâ€™s U.S. Non-Farm
Payrolls Report. Earlier this morning the Dollar showed little reaction to the
European Central Bankâ€™s decision to hold interest rates steady and a slight
drop in U.S. Weekly Initial Claims.
Jobless claims remained a concern among
investors because they remain at a high level. This is an indication that the U.S. economy is
cooling while fueling worries that the recovery may not be sustained if private
firms continue to refrain from hiring new workers.
The Euro is holding steady following the
ECBâ€™s decision to hold interest rates steady. The market had a positive
reaction to the comment from ECB President Trichet who said the recovery
â€śshould proceed at a moderate paceâ€ť.
Mortgage issues are helping to put pressure
on the British Pound. A choppy stock market is leading to mixed results in the
commodity-linked currencies. The New Zealand Dollar is trading better, but the
Australian and Canadian Dollars are trading flat which may be a sign that
Wednesdayâ€™s strong rallies may have been overdone.
Although the Dollar is down this week, many
large traders and institutions have been on the sidelines due to tomorrowâ€™s
employment report and Mondayâ€™s U.S. Labor Day holiday leading to speculation
that this weekâ€™s action was due to thin trading conditions.
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