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Profiting from smashed dollar
The dollar is headed for a weekly drop after comments from Federal Reserve policy makers caused traders to scale back expectations it will slow it's asset purchases in the coming months.
In addition, the latest US jobs data came in weaker than expected; it showed US unemployment benefit applications rose by 16,000 last week to 360,000.
Following the news from the US, the Dollar tumbled against the Yen, the Euro and the Aussi Dollar.
Anton Hughes, Co-Founder of Magick says we will continue to see a weakening of the greenback and is shorting the dollar index.
He is looking to enter at 83.344, for a profit at 82.534 and for a stop at 83.469.
01:08 minutes
Tags: aussi dollar, ben bernanke, dollar index, dolllar, dxy, euro, federal rseserve, forex, fx, interest rates, jobs data, magick, markets, monetary policy, saxo bank, saxo tv, the fed, trader, trading, tradingfloor.com, us jobs data, us unemployment, yen