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.
Today was another exciting day in the currency market. First the dollar sold after the weaker consumer confidence numbers, but the rally did not extend very far as traders treaded carefully ahead of the service sector ISM number.
Yesterday we had cautioned against celebrating the good ISM number prematurely and thank goodness for the warning since the dollar gave back all of the previous day's gains and then some.
Broad dollar weakness was the overwhelming theme in the markets today as traders continue to come to the realization that the Federal Reserve is nearing the end of its tightening cycle.
The US dollar gained strength against the euro and British pound, but its weakness against the Japanese yen and Canadian dollar completely overshadowed its performance against the two more liquid currencies.
Despite a surprisingly weak headline durable goods figure and a jump in oil prices, the US dollar gained strength and edged near its 10-day high against the euro.
Greenback weakness could be felt since the morning hours as the U.S. fell victim to better than expected economic data in the majors and a dearth of powerful reports on the day.
The US dollar traded higher against most of the major currencies today but the rally occurred primarily during the European trading session before the US market open.
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