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Forex Report, November 21 2007 |
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The Euro continues to dominate nearly all other pairs today, especially the dollar as we've seen the EUR/USD pair hit yet another high of 1.4857. The euro has also shown great strength against the British Pound as the EUR/GBP was at a nice high of .7214.
The strongest currency of the week thus far, though, has been the Japanese yen where we saw it with the USD/JPY hit 108.25. As the yen gains strength and the carry trade show some signs of weakness, we've seen all the yen currency pairs drop to week lows.
This week we have the US Thanksgiving holiday, where last year we saw the dollar lose a lot of value in a short time. It seems that this year we have more of the same against the euro and it will be interesting to see if it continues to fall throughout the week. I don't think anyone would be surprised to see the EUR/USD hit 1.500 before the week is done.
Happy Trading!!!
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Forex Report