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Forex Trading: US dollar gets hit as oil rallies, stocks decline, commodities move higher

Posted by Greg Michalowski on Fri, 05/16/2008 - 11:41am in

The dollar has been under pressure as weaker economic numbers this morning, higher oil, higher commodities (Gold up $22) and even a rumor that non-farm payroll would be revised sharply lower (not confirmed), has attracted dollar bears. 

The EURUSD broke the wedge formation and the high for the week.  GBPUSD broke through the channel resistance (after testing the downside support).  USDJPY fell sharply as the JPY crossed came under some pressure.  USDCHF breaks sharply lower as well.