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Dollar Rallies But EURUSD Holds Support After ISM (Forex Video)

Tuesday, 02 September 2008 21:27:27 GMT

Written by John Kicklighter, Currency Strategist

The US dollar rallies to a 16-month high against the pound, but a 6-month high in EURUSD marks near-term resistance. Can it last? 


·         A surprise rate cut from the RBA sends AUDUSD below 0.85 and shakes confidence in the carry trade.
·         A contraction in the manufacturing sector cools the dollar's rally and raises questions about Q3 GDP.

Stories to watch on DailyFX

·          The RBA decision proved itself volatile event risk. What are the other potential market movers for this week?
·          See what trade setups are topping the DailyFX Analysts' lists in the DailyFX Analysts Picks section.

Send any comments or questions to jkicklighter@dailyfx.com. 

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