Dollar Gains Strength on News

Feb, 24 2009 10:08 Am est

The Dollar gained strength after the CB Consumer Confidence news announcement came in at 25. The number expected was 35.5 so that was well below the expected estimate which indicates that the confidence of consumers is dropping extremely fast.

The result of this news was that the Dollar immediately gained strength against most currency pairs. The current price on the Eur/Usd is 1.2726 with the price challenging the 1.2700 support level.

We could see this level taken out and we would probably see more dollar gains from that point.

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