alshellah blog

Sunday, November 6, 2011

US Dollar Mixed in Forex Trading

US dollar is mixed in forex trading today as many currencies trade rangebound as the Forex market — and other markets — look for direction. Economic data is mixed today, and that is likely contributing to the confusion with currencies.

Right now, jobs data has been released in the US that shows that nonfarm payrolls added 80,000 jobs to the economy in October. However, this good news is a bit overshadowed by developments in Europe. In Greece, the prime minister, George Papanreou, is facing a no-confidence vote. In Germany, manufacturing data for September came in unexpectedly negative, and that is causing some consternation, since Germany’s economy largely drives the eurozone economy.
For now, the US dollar remains mixed, but there hasn’t been any great change at all on the Forex market. The euro is very slightly higher right now (after swinging to losses earlier), and the Great Britain pound is very slightly lower against the dollar. The Japanese yen is moving between slight losses and slight gains against the US dollar. Forex traders appear to be waiting for more definite data, and some direction, before committing to a course of action.

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