Forex Traders Continue To Buy US Dollars
Good news for all of you forex traders with long term trades in the US dollar. The dollar has continued to strengthen following its recent resurgence and will have been assisted by the new figures released by the US Labor Department. This figures showed that US unemployment rates fell from 10.2% to 10% since November. This, along with other encouraging news such as US factory orders rising by 0.6% has driven the US dollar up against almost all other currencies. This is why many Forex Traders Continue To Buy US Dollars at trading sites such as Forex Web Trader.
President Barack Obama declared the figures as “good news” but didn’t get carried away and insisted that there were “more bumps in the road to economic recovery”. Even though, due to the size of the US’ economy, the US Labor Department described employment as “essentially unchanged” this latest boost to the US economy, however small will continue to have forex investors looking at the US dollar as a favourable bet.
The same can’t be said for the Japanese yen which is getting stronger but many fear the yen will face a huge change in fortune. Until now the Japanese Government has been unwilling to interfere with the rising strength of the yen but a Statement made by Japanese Prime Minister, Yukio Hatoyama exclaiming that the yen “can’t be left as it is” has made forex traders wary of the yen’s future.
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