Earnings Reports to Dictate U.S. Dollar’s Direction
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Positive earnings reports are expected to continue to put pressure on the U.S. Dollar as traders continue to leave the safe haven currency for higher risk assets.
The EUR USD is trading higher this morning despite efforts from the European Central Bank and other Euro Zone members to weaken it with comments addressing their concerns about the possible negative effects on Euro Zone exports. European Central Bank President Trichet said “excessive volatility” in currency rates is “bad for economic development.” His comment was seconded by Jean-Claude Juncker who said “It’s a problem that worries us”.
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