USD Weakens Ahead of the FOMC Meeting

June 24, 2009

Currency Market Updates

The Euro picked up from 1.38 through the 1.40 level and sterling dropped to 1.1630 against the euro. So why the euro strength? The dollar should have been well positioned following the affirmation of its AAA rating and the recent swing to risk aversion.

Looks like its going to be another volatile day today with a weaker USD driving movements. Looks like its going to be another volatile day today with a weaker USD driving movements. Commodity currencies remain under pressure following Tuesdays sell-off with AUD, NZD CAD ZAR looking fragile. I would expect to see broad USD weakness today against the major currencies ahead of the FOMC meeting

Report by Phil McHugh

Receive daily currency rate updates and market commentaries direct to your e-mail daily FREE from Currencies Direct

Currency Market Updates are compiled by Tom Nadir.

You can view new daily trading videos by clicking here, with my compliments.