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European and US summary

Dollar Rebounds

Thu, May 22 2008, 22:01 GMT
by Korman Tam

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5/22/2008 2:30 PM: EUR/$..1.5698 $/JPY..104.28 GBP/$..1.9783 $/CHF..1.0332 AUD/$..0.9546 $/CAD..0.9858

Dollar Rebounds

The greenback benefited from better than expected weekly jobless claims earlier in the New York session, rebounding against the euro and yen near 1.57 and 104, respectively. Amid a dearth of US economic reports, traders focused on weekly jobless claims, which improved to 365k and beating estimates for an increase to 375k from 371k a week earlier ¨C using it to prop the dollar off one-month lows versus the euro.

The economic calendar in the Friday session will see April existing home sales, which is forecast to slip to 4.85 million units from 4.93 million units from March.

 
GBP Buoyed by Data

The sterling extended its recover against the dollar, climbing above the 1.98-level for the first time in three-weeks, at 1.9848. The pound was propped higher by slightly better than expected UK economic data. Retail sales in April declined by less than estimated, posting a 0.2% drop, better than forecasts for a 0.5% decline versus a 0.4% drop in March. The annualized figure was in line with expectations, falling to 4.2% from 4.6% a year earlier.

In the coming session, traders will look ahead to the second release of Q1 GDP ¨C expected to remain unchanged from the preliminary readings at 0.4% q/q and 2.5% y/y.

Cable has eased by the afternoon session, slipping back beneath the 1.98-level. Support is seen at 1.9740, followed by 1.97 and 1.9660. Additional floors will emerge at 1.9630, backed by 1.96 and 1.9550. On the upside, resistance is eyed at 1.98, followed by 1.9850 and 1.99. Subsequent ceilings are seen at 1.9925, backed by 1.9960 and 2.

Published on  Thu, May 22 2008, 22:02 GMT


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