The Wild Card Silver 16 Sep 2009

Wednesday, 16 Sep 2009
USD Hits 1-Year Low on U.S Economic Pessimism

The U.S Dollar struck a one-year low against a basket of currencies on Wednesday, as investors reduced dollar holdings on views that the U.S. currency may weaken for now due to pessimism over the U.S. economy. Investors have been selling the greenback across the board as they speculate the Federal Reserve will be forced to keep its Interest Rates low for the time being to support the country's fragile economy. Looking ahead, currency players will watch for the U.S. consumer price index (CPI) for August to be released later in the day. The CPI data has the biggest potential to move forex markets, since a weak figure could lead to lower long-term U.S. interest rates, and that might prompt more Dollar selling.

The Wild Card

The violent bullish trend continues as all technical indicators on the daily and the 4 hour charts more.