U.S. Dollar Remains Soft
Apr 7th, 2008 | By Sally Limantour | Category: US Dollar & Forex Trading
The greenback saw a short-covering rally after the March 17th lows. But now that rally is running out of steam. The dollar is down 5.5% since the start of the year.
Friday’s jobs report, which marks the largest jobs decline since 2003, is one of the many negative factors keeping a lid on the dollar. To combat recessionary forces, the Fed is keeping interest rates low. As long as rates remain low, the dollar will struggle.
Some believe that other currencies are just as bad off, and that investors should buy the dollar. I would be wary of that advice until the charts and other indicators say otherwise.
The dollar index needs a solid close over 74.00 to turn the short-term trend around.
Sincerely,
Sally Limantour
Editor, Taipan
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Sally Limantour is the Editor of the 