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The Currency Futures Report
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Euro 'Weaker' on Lower Than Expected GDP
Mon, May 18 2009, 07:25 GMT
by Bob Kozak
Euro Currency (ECM9):
The EC opened lower at 1.3529 after a weaker than expected drop in the EZ Q1 GDP of -2.5% vs Q4 GDP of -1.6%. Weaker equity prices overseas pushed the DX higher, adding pressure to the EC as prices retraced to an early morning level of 1.3509. A bounce in globex equity prices helped the EC rise to our initial Support level of 1.3560 ahead of the opening bell in the equity markets. Look for prices to challenge the Support level or fade towards secondary Support of 1.3470. Higher equity prices will help as the safe-haven of the DX will rotate to an increase in risk-appetite, which could see the EC challenge the Pivot level of 1.3612.
Dollar Index (DXM9):
The DX opened higher at 82.92 as the EC retraced on weaker than expected economic data and weaker equity markets boosted interest in the safe-haven of Treasuries and the DX. Prices jumped to 82.925 ahead of release of the CPI and NY Fed Mfg. reports. Equity markets took the reports positively, sending the DX lower, towards our Pivot of 82.57. An increase in equity prices will weigh on the DX, however, longs should tighten 'stops' or buy 'puts' to reduce exposure as traders may take profit/risk off the table ahead of the weekend.
Published on Mon, May 18 2009, 07:28 GMT
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