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FX Technical Strategy
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Range for a change?
Fri, Jun 6 2008, 13:06 GMT
by Lloyds TSB Financial Markets Economic Research Team
Market overview
The cat is out of the bag as far as the bullish dollar and sterling strategy is concerned against the yen, swiss franc and euro. With the markets in consolidation mode and unwilling to chase the dollar higher short term, a retracement/consolidation phase could be in order. It is even tempting to completely reverse the dollar bull strategy at this juncture purely on the rebound in commodities, but although gold has rebounded from the key $850 level, it remains off the recent resistance high of $950 and can comfortably bounce towards $900 and still be in a corrective phase. The pressure for US bond yields continues to the upside, although this is not the revelation it was a few weeks ago and similarly the direction for equities continues on an upward bearing, both positive underpinnings for the dollar.
However, the context for this move is still a corrective phase in a long term decline for the US currency despite the prospects for a multi-week corrective period. When the trend turns again, it could be very aggressive, but for the moment the outlook is cautiously positive.
Published on Fri, Jun 6 2008, 13:11 GMT
Archive
- GBP/CAD target of 1.75 was hit this week
Published On Wed, Nov 18 2009, 11:46 GMT - Manufacturing and services PMI data for October on Monday
Published On Mon, Nov 2 2009, 07:04 GMT - GBP/USD has gone some way over the past week
Published On Fri, Oct 23 2009, 14:08 GMT - Fed FOMC speakers will outnumber economic data reports next week
Published On Fri, Oct 16 2009, 10:50 GMT - Fed fund futures price a 58% chance of a 25bps rate hike by end of Q1 2010
Published On Thu, Sep 17 2009, 09:14 GMT
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http://www.lloydstsbfinancialmarkets.com/doc/fms/financial_markets.htm | Sarah.Pedder@LLOYDSTSB.co.uk
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