Market Update: U.S Dollar Bid Against Majors On China Concerns(UUP,UDP,USDX)
By David A. Moore
January 26, 2010 10:56 AM
January 26, 2010 10:56 AM
The Greenback has started the New York session strongly bid against the majors,with the USD at it's strongest levels against the Euro since July 2009. News reports from China that several banks have been asked to curb leading has shocked Currency and Commodities markets globally.
The Peoples Bank of China as of today has not made an official comment to substantiate these reports. The return of risk aversion has pushed the normally stout Aud/Usd(ADE) below the psychologically important .9000 level.
Fears that a tightening phase in China may affect Australia's usually robust exports of raw materials to China,has many traders exiting their long Aud/Usd positions ahead of the U.S. Fed rate decision on January 27,2010 at 18:15GMT
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