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.
There are a lot of reasons why the dollar is under pressure today, all of which have ramifications that should extend far longer than just having a one day impact on the value of the US dollar.
It has been quite a volatile day in the currency markets. The initial reaction in the dollar after the March non-farm payrolls report was rather muted as the market tried to decide what to do with the mixed report.
Overall, the report gives neither bulls nor bears a clear advantage. The dollar really needed a resoundingly strong report to reverse its recent weakness.
The US dollar has recovered nicely ahead of tomorrow's non-farm payrolls report. At a time when the market has been doubting the Federal Reserve's optimism, the dollar really needs a strong payrolls number in order to extend its current rally.
Today marks the third day of weakness in the US dollar. In fact, the greenback lost ground against all of the major currencies, including the commodity currencies, which benefited from a new record high in gold prices.
After yesterday's strong move in the currency market, the dollar extended its weakness against the majors today. With no significant economic releases on the calendar, talk of reserve diversification has once again resurfaced.
On the first day of trading in the month of April, we have seen quite a bit of volatility in the currency market. The dollar had a very mixed day against the major currencies.
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