Monday November 1, 2010 - 14:44:07 GMT
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Forex Hound - www.forexhound.com
Chinese Manufacturing Data Pressures Greenback
The U.S. Dollar is under pressure against most major
currencies this morning following a rebound in Chinese manufacturing data. The
moves seem to be muted however ahead of tomorrowâ€™s elections and Wednesdayâ€™s
Federal Open Market Committee meeting.
The highlight of todayâ€™s action is the Dollarâ€™s continued
weakness versus the Japanese Yen. Overnight the USD JPY was trading higher on
rumors of Japanese government intervention, but the market turned quickly, eventually
sending the Greenback to a new 15-year low versus the Yen.
The Euro is trading flat to lower in a very choppy trade.
Look for EUR USD to rally should investors continue to demand higher risk
One of the big gainers this morning is the NZD USD which
pushed through the October 2009 top at .7635. Traders are saying that itâ€™s the
weaker Dollar that is driving the Kiwi higher and not any particular news out
of New Zealand.
Traders are said to be increasing bets on the news that the Fed will substantially
increase its quantitative easing program later in the week.
Demand for higher assets is also driving up the Australian
Dollar ahead of tomorrowâ€™s Reserve Bank of Australia central bank meeting.
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