Dollar Trades Flat after Mid-Session Euro Sell-off

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Today’s sample of Forex ####ysis from ForexHound.com

The U.S. Dollar had a choppy, directionless day. The lack of event risk was likely the main reason for this as well as the easing of the Greek fiscal crisis. Trading could continue in a similar manner over the next few days because the first major report, Weekly Jobless Claims, is not due out until Thursday. This will be followed by the Retail Sales Report on Friday.

The Greenback started the New York session under pressure against most major currencies except the Japanese Yen. Trading was light and less volatile than last week’s action. Shortly before the New York session opening, the Dollar began to mount a slight comeback which accelerated into the mid-session.

The strong rally into the mid-session occurred as traders backed away from higher risk assets. Comments from German Chancellor Angela Merkel may have been the catalyst behind the weakness in the Euro. Merkel said that a Greek bailout is not on the table and pointed toward the no bailout rule in the European Union agreement as the reason behind her comment.

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