The Wild Card Oil 2 Sep 2009

The Wild Card Oil 2 Sep 2009

Wednesday, 2 Sep 2009

The USD Benefits as Wall Street Slides

The greenback firmed on Tuesday as share prices fell, prompting investors to shed perceived riskier currencies. Despite better than expected numbers from the Institute for Supply Management, shares on Wall Street showed only muted enthusiasm to the data and quickly lost ground, lifting the U.S dollar, which has tended to be used as a safe haven against losses in equities. Ahead of the U.S. jobs data later today, traders said players were anxious about any negative surprises. As the market has become less sensitive to positive surprises from the U.S economic data, the effect of any weak figures would be bigger than the effect of any positive numbers.

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The Wild Card

Oil

Crude Oil prices are once again dropping, and it is currently traded around $68.60 a barrel. And now, the 4 hour chart's Slow Stochastic is giving bullish signals, indicating that Oil prices might go up. This might give forex traders a great opportunity to enter a very popular trend.