February 12, 2010
Dollar Holds on to Gains despite Thin Holiday Trading
The U.S. Dollar soared early Friday following a surprise 50 basis point hike in China’s bank reserve rate. Additional strength was provided by a better than expected U.S. Retail
Report. The Dollar pared some of its gains after the University of Michigan Survey fell unexpectedly. Forex market trading has been erratic ahead of the week long Chinese holiday and the extended
U.S. weekend.
The aggressive move by China is an attempt to cool credit …