Forex | Forex | Dollar starts the week under pressure (02/08/2009 23:46:00)

Dollar starts the week under pressure

FXstreet.com (Buenos Aires) - Greenback that ended Friday lower across the board will likely to continue weakening this week, as investors turn into higher yielding assets. Signals that the U.S. economy is starting to stabilize after GDP contracted just 1.0% last quarter compared to a revised 6.4% fall in Q1, help propel risk appetite, along with European currencies and stocks. EUR/USD starts the week around 1.4250, and despite overbought in smaller time frames, daily charts had turned bullish. 1.4300/1.4340 area should cap rises thus a clear break above those levels, could accelerate the bullish rally.

GBP/USD quotes at 1.6710 and continues pushing higher, with 1.6742 year high as immediate resistance for the pair clear break above opens doors for further rises to 1.6800 ahead of 1.6852. Under 1.6660, supports lie at 1.6610 and stronger 1.6550.

For more information, read our latest forex news.


Comments (0 posted):

Post your comment Forex-comment

Please enter the code you see in the image:


  • Forex-send Email to a friend
  •   Add To facebook

Rate this article
0
New Forex News

US: Mixed August labour market report

On balance the August labour market report disappointed slightly, but incorporated both positive and negative news.  The unemployment rate resumed its rapid upward trend hitting

Canada: First private payroll increase in 11 months

Latest (monthly change): +27.1k (Actual); -15.0k (expected) Previous: -44.5k FACTS : Canadian employment experienced a gain of 27.1K in August with part-time jobs increasing by

U.S: Top-line growth to resume in Q3

Market Watch With Q2 earnings essentially all in, investors are already turning their attention to the third quarter. The much-better-than-expected Q2 earnings came on the

U.S: Geithner at G20 Meeting

Today US Secretary Timothy Geithner released a statement of principles to guide forthcoming Group of 20 nations' meetings regarding financial regulation. These eight principles followed

U.S: Initial Jobless Claims

The four week moving average for Initial Jobless Claims has risen 14,750 over the month of August from 556,500 for the July 31st week to
U.S: ISM Non-Manufacturing (Aug)

U.S: ISM Non-Manufacturing (Aug)

The August ISM non-manufacturing index rose to 48.4 from 46.4, marking the 11th consecutive month that the sector contracted. Nevertheless, the pace of decline is

Gold Weekly Technical Outlook

Comex Gold (GC) Gold rose sharply to as high as 999.5 last week, just shy of 1000 psychological level, before turning sideway. Initial bias remains
Canadian Dollar Extend Gains on U.S. Optimism

Canadian Dollar Extend Gains on U.S. Optimism

The Canadian currency climbed even further before the end of this week’s session after optimism was renewed among traders with stocks and commodities climbing, After both Canada and the U.S. posted

GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level

GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level. Deeper decline is still possible next week and target is to test 1.5801

Forex Weekly Trading Forecast - 09.07.09

US Dollar: Will a Recovery in Liquidity Usher in a Breakout? Euro Forecast to Range Trade Against US Dollar on S&P Choppiness Japanese Yen Range