Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.
Kathy has a Bachelors degree in Finance from New York University. Kathy has written for Stocks and Commodities, CBS Market Watch, ActiveTrader, Futures and SFO Magazine. She is frequently quoted on Bloomberg and Reuters and has taught seminars across the country. She has also hosted trader chats on EliteTrader, eSignal, and FXStreet, sharing her expertise in both technical and fundamental analysis.
The market is beginning to get tired of the US dollar’s extended sell-off as the euro ends the day virtually unchanged along with the Japanese yen and British pound.
The market has been very quiet today but traders should not lose sight of the fact that last week marked a major turning point for the US dollar. After slowly strengthening since the month of August, the uninteresting changes that the Fed made to their FOMC statement last Wednesday led to extremely interesting price action in the currency market.
Democrats and Republicans are generally not associated with bulls and bears, but come election time, domestic and international markets quickly align themselves to the happenings in politics.
Even though the headline durable goods and new home sales numbers printed much stronger than expected, the details of both reports suggest weakness in the US economy.
Tomorrow will be the make it or break day for the US dollar as both the euro and Japanese yen trade within an arm’s reach of 1.25 and 120 against the US dollar.
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