Dollar down on stronger stocks

Mon, Sep 28 2009, 16:46 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – Higher stocks and gold prices and keeping dollar under some pressure this American session, thus not as much as one could had expected past weeks. EUR/USD continues contained under 1.4700, quoting around 1.4650 level, while GBP/USD failed to hold above 1.5900.

Commodity currencies seems to be the ones benefited by current dollar weakness, as AUD and CAD had rose strongly against greenback, mounted on gold prices. Despite gold remains capped by the $ 1000/oz resistance level, a downside movement is far from confirmations. Hovering between 990/997, gold needs either to regain 1000 or break under 980, to define a stronger movement.

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.