Fri, 03 Aug 2012 00:00:00 +0200
Dollar Benefits From Risk-Aversion
The dollar saw significant gains against virtually all of its higher yielding currency rivals yesterday, after the ECB failed to unveil any new plans to boost growth in the euro-zone, as some had been predicting. The USD/CHF advanced close to 130 pips following the news, reaching as high as 0.9867 before moving slightly downward and finding support at the 0.9840 level. The AUD/USD fell close to 90 pips during the afternoon session, to reach as low as 1.0452. The pair was able to stage a slight reversal, and was trading at the 1.0480 level by the evening session. Today, all eyes are likely going to be on the US Non-Farm Payrolls figure, set to be released at 12:30 GMT. The indicator is widely considered the most important event on the forex calendar, and consistently leads to market volatility. After a better than expected ADP Non-Farm Employment Change figure earlier this week, investors are cautiously optimistic that today's news will come in above the forecasted 100K. Any positive news could help the greenback extend yesterday's bullish trend before markets close for the weekend.
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