Weekly FX roundup: Dollar drops as stocks climb

Sunday, November 08, 2009 5:52 AM

(Source: Middle East Financial News) tracking

The Greenback had a disappointing week, dropping against all major currencies. Latest data released on Friday showed unemployment rising to a 26-year high of 10.2%, thus preventing risk appetite as stock continued to climb ending a two-week retreat. The Dow Jones Industrial Average again rose above 10,000 levels to 10,023.42 while Standard & Poor's 500 Index and Nasdaq composite both gained 3.2% each.

Hussein Sayed serves as Senior Financial Analyst with ACM, based in Dubai. He is responsible for providing daily market analysis reports covering the fundamental and technical outlook of the currency and commodity markets. Advanced Currency Markets (ACM) is a leader in Online Currency Trading (www.ac-markets.com), with its global headquarters based in Geneva, and a presence in the Middle East, as well as in North and South America.

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