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.
When Ben Bernanke was nominated to take over Greenspan’s job as Federal Reserve Chairman, the market had hoped that the clear speaking economist would give more transparency and stability to monetary policy.
If the G7 meeting can be characterized as the main catalyst for the major sell-off in the US dollar between April and May, then non-farm payrolls will probably go down as the main culprit of the dollar’s weakness in June.
Although it may initially seem that the US dollar is stronger today compared to yesterday’s NY session close, it actually weakened significantly during the US trading session.
The door to the possibility of a resolution with Iran has opened ever so slightly as the US announced that they would be willing to join the European Union in talks with Iran if they suspend their uranium enrichment activities.
President Bush announced that Hank Paulson, the Chairman and CEO of Goldman Sachs, will become the new Treasury Secretary. Last week, the market was chattering rampantly about the possibility of Snow stepping down but the Bush Administration downplayed the speculation.
The U.S. dollar climbed its way higher after the market digested the 8:30 numbers as London and US traders began to close their books ahead of the three day weekend.
Today served as a great reminder to the market that the true pressures on the dollar are to the downside. Right now we are at the tipping point for the greenback as economic data shifts from undeniable strength to questionable resilience.
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