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FED’s Dudley cannot keep the Dollar affloat

Goodmorning chaps. Here we are on the last trading day of the week before embarking on the weekend trips in this summer holiday season. Let´s have a quick preview on the forex market as we left it yesterday. Yesterday in the afternoon the FED member Dudley was on the screen once again after appearing live on Tuesday. 

He repeated the same bullish comments which felt just like one of those forex chart patterns. The US labour market continues to improve he said,  despite being close to full capacity and the wages are starting to pick up again. He also said that the hiring and the job gains are spread throughout the entire economy, such as in the technology  and the finance sectors. 

The USD sellers were unimpressed though. They kept selling the USD the whole day yesterday. I guess the forex market sentiment towards the USD was really bearish yesterday. The bearish sentiment accumulated after the FED FOMC minutes on Wednesday and it continued yesterday too. It´s not that easy to change the market sentiment with a few comments. Anyway, it looks like the bearish sentiment has come to an end today as the USD is higher on most forex pairs. 

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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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