Forex | Forex | Dollar likely to extend loses in Asia (31/08/2009 23:38:00)

Dollar likely to extend loses in Asia

FXstreet.com (Buenos Aires) - Early Asia opening, dollar remains under pressure quoting under New York closing levels against major rivals. Technically looking for some downside continuation, but again stocks will lead the way; not only Nikkei, but also Shanghai Composite, that lost 5.3% past session. Asian shares have a negative cue from Wall Street, with DJIA down 1.0% and S&P down 0.8%. More falls in stocks will likely send investors back to safe-havens dollar and yen, with the last one probably being more benefited.

Market attention will also be on Australian’s RBA rates decision, expected to remain unchanged at 3.0% yet tone of comments will be key after past month hawkish and positive comments from Chairman Glenn Stevens. Commodity currencies are second market leading factor, after stocks.

EUR/USD now at 1.4330 area, capped by strong 1.4385/1.4400 area; GBP/USD now at 1.6380, needs to clear 1.6300 to gain some upside momentum, thus capped by yesterday’s high at 1.6330,a s Pound remains the weakest currency after dollar.

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