Forex Market News: U.S. Dollar Showing A Little Strength

United States currency boosted a little bit next to other big currencies in Syndey during morning trade today after its overnight drop. Not to mention, this rise occurred despite the Dow dropping almost two percent due to some uneasy issues regarding financial markets &credit.

However, the dollar is still weak next to the euro, yen and sterling while the Industrial Average for the Dow Jones decreased by 237.44 points. Unfortunately, this is a result of some not-so-good news coming from Citigroup and HSBC Holdings. Citigroup Inc. is apparently looking at some major losses in regards to credit in the fourth quarter of this fiscal year and as a result there might be a handful of lay-off's that could follow.

If you wish to look at things in a more positive light, then keep in mind that early this morning one greenback was buying 107.43 yen, in contrast to last night's New York trade value of 107.32 yen.

"A drop in U.S. equity markets late in the afternoon prompted a mass liquidation of yen carry trades, knocking all primary crosses lower, and taking US dollar/yen down to fresh session lows into the close," mentioned Peter Whitley. Whitley is an analyst at Thomson International Financial Review.

Plenty of tourists are coming across the Atlantic and spending their much-valued Euros around New York City and other surrounding metropolitan areas. This can be great for business-owners and retailers in the United States, but what kind of effect do you think this will have on the forex market in the long run?

Great Forex Blog For News Updates

I know it seems strange that I am telling you about a different forex blog that you should visit, but it is smart to have several different references. This market is rapidly changing and in order to stay on top of it you must get information from multiple places.

This particular blog, which is rather easy to find, is located at www.forexblog.org. They are constantly updating their front page with forex news and they even have a nice little forex newsletter that you can sign up for. Another great thing about this blog is that they have a separate menu where you can choose which type of currency you want to read about.

I suggest that you not only look at the recent news that this blog has to offer, but also dig through some of their archives. It is good to look at historical trends and data in order to fully understand how this market works. It is also a good way to stay on your toes so that you can begin to foreshadow what may or may not happen in the future. Once again, the website you should check it out when you have a chance.

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