U.S. Dollar Steady in Forex Trading
by Trader Rich
Greenback in currency trading
So far, the U.S. dollar is holding steady today in forex trading on the currency market. Greenback is higher in currency trading against the euro, and other safe haven currencies, like the Swiss franc and the Japanese yen, are lower against the greenback.
The U.S. dollar forex trading forecast might be different, though, depending on what happens next. GFT’s Kathy Lien points out in FX360 that the upcoming employment report is likely to affect the future of the U.S. dollar:
Although ADP and NFP was fairly close last month, in the July release, it was off by 139k. QE3 hinges upon Friday’s report and if non-farm payrolls rise by less than 75k, the Fed could pull the trigger on more stimulus in September.
Some believe that the U.S. dollar is still undervalued, considering the fact that there are such troubles in the euro zone. If this is the case, even rising gold prices won’t be able to keep the greenback down in currency trading if forex traders recognize the value.
- What’s Next for Greenback in Currency Trading?
Forex trading forecast