Corporate foreign exchange news

Foreign exchange news: Bull market continues during US holiday

Thursday, 26 November 2009 09:37:34 GMT

Published by Mark Smith-Halvorsen
Foreign exchange traders are pushing major currencies to new highs against the dollar today (November 26th), with gains made in Asia continuing as the European session begins.
While the dollar fell across the board, it registered particularly acute losses against the yen, with the greenback now trading at a 14-year low against the Japanese currency.
Today's trading is characterised by light volumes caused by the two-day closure of the US markets for Thanksgiving. In such conditions, large single trades can have a larger effect on currency movements and provoke choppier trade.
Forex Hound reports that although the yen, euro and Swiss franc all made gains against the dollar, the pound is this morning struggling to find momentum after weak third-quarter gross domestic product results.
Trading in sterling is likely to be impacted by the publication of the Confederation of British Industry's distributives trade survey, which forexdirectory.net expects to rise from eight to 11, potentially providing the support the pound is looking for.
For more information on foreign exchange treasury services and risk management, visit our Corporate FX site
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