Dollar Sinks On Growing US Bearishness

Daily Forex Fundamentals | Written by AC-Markets | Sep 23 08 01:18 GMT |

Market Brief The Usd suffered substantial losses in the today's trading session. The EurUsd rose over 300 pips finding resistance at the 1.48 level, while the UsdJpy slid 196 pips to the mid 105 price area. The GbpUsd gained 250 pips following the overall trend in dollar weakness across the G10. The equity markets fell in the US and Europe with the Dow down over 370pts, as the current budget deficit in the US supppots a negative outlook on economic environment. Commodity markets rallied strong with oil back above 120 in the largest single day gain history, gold followed the same trend testing the $900 level. Bonds were mostly flat in the US, with yields likely to decompress in the near-term after last weeks decline in rates. Usd trading is likely to continue its move to the downside based on the current market conditions. It is unclear whether the Fed bailout plan will prevent the US from heading into a recession, and based on that, Traders continue to build on their short positions. Risk Disclaimer: Although every investment involves some degree of risk, the risk of loss in trading off-exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMUSA makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change. ACM FOREX Disclaimer: This report has been prepared by AC Markets (thereof ACM) and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Salesperson or Traders of ACM at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.