Northern Country

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A Wild Ride

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I’ve never known such erratic movement in the Eur/USD currency cross.

Here is a statement from the dailyfx.com:

“Definitely a very interesting session of morning trade with the price action potentially signaling a shift in market sentiment towards the USD. Initially, following the release of the better than expected NFP number, the USD was sold quite heavily, but the move was not to be sustained with a fierce reversal taking place to massively overshadow any initial USD weakness post the release. Heavy stops were tripped in currencies with the Greenback extending gains from previous sessions and accelerating on the back of comments from Fed Lockhart who said that the central bank would soon need to consider raising rates. It seems as though market participants have started to factor a recovery in the global economy as potentially being somewhat USD bullish.”

EURUSDJune5-2009

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Written by Alfred

5. June 2009 at 10:11 pm

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