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European and US summary

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Dollar Drifts Lower

Sun, Jun 21 2009, 22:09 GMT
by Korman Tam

Forexnews.com

6/19/2009 1:00 PM: EUR/$..1.3970 $/JPY..96.10 GBP/$..1.6485 $/CHF..1.0784 AUD/$..0.8070 $/CAD..1.1328

Dollar Drifts Lower

The greenback drifted lower against the major currencies in a quiet session to end the week, slipping toward the 1.40-level against the euro and 96-figure versus the yen. US equities were mixed with the Nasdaq edging higher to 15.53-points to 1823.18 while the Dow Jones slipped by 27.73-points to 8,528.25.
 
Germany ZEW Buoys EUR

The euro edged up slightly higher against the greenback on better than expected Eurozone data. Germany’s June ZEW sentiment survey unexpectedly surged to 44.8 – its highest level in 3-years, up sharply from 31.1 a month earlier and sharply beating estimates for an increase to 35.0. The current conditions component improved to -89.7 in June versus -92.8 in May. While the surge in ZEW propped the single currency higher, the euro was unable to sustain gains above the 1.40-level.

EURUSD holds steady near 1.3920 with support starting at 1.39, followed by 1.3880 and 1.3840. Additional support is seen at 1.38, backed by 13760 and 1.3730. On the topside, resistance is seen at 1.3950, followed by 1.3970 and 1.40. Subsequent ceilings are eyed at 1.4030, backed by 1.4060 and 1.41.

Aussie Surges

The Australian dollar jumped against the greenback, rallying from 0.7982 to 8117 as traders moved into riskier assets. Spot gold climbed higher, rising by $2.50 to $937.10 per ounce.

AUUDUSD trades at 0.8070. Additional gains will target resistance at 0.81, followed by 0.8140 and 0.8170. Subsequent ceilings are eyed at 0.82, followed by 0.8250 and 0.83. On the downside, support begins at 0.8030, followed by 0.80 and 0.7980. Additional floors are seen at 0.7950, backed by 0.79 and 0.7860.

Published on  Sun, Jun 21 2009, 22:11 GMT