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IFO Gave Euro A Push Towards 1.49. What Next?
Tue, Feb 26 2008, 11:29 GMT
by Lena Manousarides
Another day another hit for the dollar, with EUR/USD reaching yet another new weekly high well above 1.4850 after better IFO news probed a break of important resistance level 1.4850.
This morning there were rumours circulating the wires, that German IFO will print much lower than expected number and therefore we witnessed a selloff in the pair. The break of 1.4790 though was proved to be false after a brief low was printed at 1.4777. The move retraced aggressively though after the news showed that German economy is resilient to the recent economic crisis that US is facing. It makes us think why these rumours always tend to be wrong...
EUR/USD broke resistance of 1.4850 and at the time of writing the pair is at 1.4872. Next resistance lies at 1.4880 and a clear break will bring 1.49 back in the game. Small shorts can be tried at 1.4900-20 as the move was violent and a retracement can be expected ahead of the PPI news out of US later.
GBP/USD broke 1.97 levels and a clear break of 1.9730 will bring 1.9780.
Later today we have PPI out of the US which traders will monitor closely after the better than expected CPI data last week. Speculations for further cuts will come back into traders’ minds as tomorrow we have Bernanke’s testimony in front of the Congress. If the data is worse than expected then another leg up might be seen in EUR/USD.
Let’s not forget consumer confidence out of the US today which is expected to print a much lower number and that is natural as the consumer has low opinion about the economy what with the recent economic crisis still very much alive. This number however is important for measuring the next retail sales index and we see a bad number, then chances are that next retail sales will be low too.
It will be interesting to see what the stocks will do today after the New York opening and how the DOW JONES will move. Yesterday we saw gains in the index and that was mainly due to not so bad existing home sales and the general notion that the rescue plan that the US government is thinking of applying will help Banks to stabilize losses.
Also watch out for the oil as it is once again close to $100 a barrel and that will affect dollars short term future too...
Today things are getting tough for dollar bulls and many traders are waiting for Bernanke’s testimony before committing either way...
Published on Tue, Feb 26 2008, 11:30 GMT
Archive
- Currency Technical Analysis
Published On Tue, Dec 23 2008, 11:19 GMT - Currency Technical Analysis
Published On Mon, Dec 22 2008, 15:00 GMT - Euro and Pound Set to Gain This Week?
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Published On Fri, Oct 10 2008, 09:34 GMT - Nothing Stands in Dollars Way...Bernanke, Rate Cuts or God himself!
Published On Wed, Oct 8 2008, 10:08 GMT
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