Corporate foreign exchange news

Forex market news: Dollar set for bullish week

Monday, 14 December 2009 09:31:08 GMT

Published by Zeb Bham
The dollar will continue to recover this week as a "true" bullish recovery takes hold, Daily FX predicts.
In its weekly trading forecast, the site claimed a trend has developed over the past month in which the dollar rallies as the week draws to a close.
Last week, the dollar enjoyed a late-stage flourish on the back of stronger spending and consumer confidence data.
However, foreign exchange strategist John Kicklighter said this trend has not been a straightforward reaction to data.
"Actually, this would contradict the normal pace that the market has carved for the greenback for the past nine months where strong economic data has bolstered risk appetite and directly weighed on the dollar as a safe haven," he said.
As such, he reflected that this may be the beginning of a "meaningful" bullish trend for the dollar.
The busiest days for US economic data will be Tuesday (December 15th) and Wednesday, with the mid-week Federal Open Markets Committee rate decision expected to have a particularly big impact.
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