Daily Forex Commentary for May 19, 2009

May 19, 2009

Higher Close in GBP USD Puts It in Position to Breakout to Upside

The EUR USD traded weakly early in the trading session as negative news from last week regarding the worsening Euro Zone recession weighed on the market overnight. Traders were selling the Euro as pessimism was taking over the market. Concern over the size of the Euro Zone contraction was the main cause of the shift in investor sentiment.

Right before the New York opening, the U.S. Dollar began to weaken as the global equity markets …
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