U.S. Dollar Remains Strong in Labor Day

Daily Forex Fundamentals | Written by Crown Forex | Sep 01 08 13:37 GMT |

The U.S. markets are off today due to the labor Market holiday, yet the U.S. dollar was able to extend its gains today on the back of the other currencies weaknesses, this week should be able to clear the outlook for the U.S. dollar further as the U.S. jobs' report will be out, while both the ECB and the BOE are set to release their rate decisions.

The Euro continued to weaken today against the U.S, dollar affected by the PMI manufacturing data which showed the sector remain in contraction for the whole area and its biggest economy Germany, the Euro declined near the support at 1.4570 which provided the pair with slight upside momentum after dropping early this morning from the $1.47 levels, the pair recorded so far a high of 1.4721 and a low of 1.4596.

The Pound was also under pressure this morning after Mr. Darling said that the current slowdown is the worst in 60 years, while the PMI data didn’t help either, the Pound recorded a high of 1.8152 early this morning and dropped heavily to set a low of 1.7995 as the pair was not able so far to breach the psychological level at $1.80.

The U.S. dollar fell against the Yen as investors reduced their carry trades this morning as stocks fell in Asia and Europe, the pair however managed to rise back above the 38.2% correctional level at 108.00 after setting a low of 107.61, the pair recorded a high of 108.66 early this morning and started to drop ever since then…

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.