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The Currency Futures Report
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Increase in Risk−Appetite Supports Euro
Fri, Jun 26 2009, 06:33 GMT
by Bob Kozak
Euro-Currency (ECU9):
The EC opened higher at 1.3935 and slid to a morning Lo of 1.8860, before following equity prices higher. An increase in risk-appetite saw traders leaving the safe-haven of Dollars, sending the EC to a daily Hi of 1.4012, before drifting lower towards the close to end the session at 1.3985, up 66 tics. The close above the 10-day MA changes the s/t trend to 'positive' w/neutral momentum indicators.
Traders will key on overseas equity markets as a barometer for 'risk', which could benefit the Euro should traders rotate out of DX, seeking higher yields. A higher open should find Resistance at 1.4036 and 1.4087, while an open below 1.3961 may find Support at 1.3910 and 1.3835.
Dollar Index (DXU9):
The Dollar opened higher at 81.06 and rose to a daily Hi of 81.255, before an increase in risk-appetite sent equity prices higher and DX to a daily Lo of 80.57.
Prices found Support at our Pivot level of 80.62 and ended the day-session at 80.70, down 18 tics. The close below the 10-day MA changes the s/t trend to 'negative' w/ neutral momentum indicators. Higher equity prices could weigh further on the DX ahead of Friday's economic reports on Personal Consumption, Personal Income and the U of Michigan Consumer Confidence survey at 8:30am et. A lower open may find Support at 80.42 and 80.15, while an open above 80.84 should find Resistance at 81.11 and 81.52.
Published on Fri, Jun 26 2009, 06:35 GMT
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