Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

U.S. President Elections Dollar Rally Over

November 5, 2008 by

EUR/USD declined today after the U.S. elections were over and the next president’s name became known fast and without any troubles. Barack Obama may create all necessary conditions for the dollar to grow further, but it will take him a lot of effort to do so. When the euphoria around the elections disappeared, EUR/USD began to rise on Forex. The macroeconomic background in U.S. is very poor now and it will press on the dollar too. EUR/USD is currently trading near 1.3032.

ADP employment report for October showed a 157,000 decline in the non-farm private sector jobs. The September’s 8,000 drop was also revised — down to 26,000 lost jobs. The median forecast by the market analysis for October drop was 102,000.

Non-manufacturing ISM index also decreased in October — from 50.2% to 44.4%, while a drop to only 47.8% was expected by the market participants. There is a chance though that the month of October was the worst in the current crisis and the reports that will show November indicators will be more optimistic.

Leave a Reply

required
required (will not be published)