Corporate foreign exchange news

Foreign exchange news: Dollar bullish, euro may retreat

Monday, 02 November 2009 08:55:42 GMT

The outlook for the US dollar remains bullish this week, according to forex market analysts at Daily FX.
Looking forward to the week ahead, contributor David Rodriguez predicted an extension of last week's sustained flourish against the euro and other major counterparts, with stock market weakness expected to spur haven buying.
"It is never profitable to be early on calls for major counter-trend moves. Yet the substantive week-long turnaround gives us reason to believe that the US Dollar has set a major low," he commented.
Meanwhile, fellow Daily FX analyst John Kicklighter has advised that traders will need to keep a close eye on the dollar and stocks as an indicator of movements in the euro, as a rally in the greenback is expected to weigh down on the single currency this week.
The European Central Bank's monthly policy meeting on Thursday (November 5th) will play a pivotal role in the euro's trading movements, he added.ADNFCR-2522-ID-19437209-ADNFCR
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