Thu 9th Dec: Dollar stages a small rebound
Dollar bulls found reason to rejoice as the currency headed for a bounce back against the major currencies.
The dollar gained 2.5 cents against the euro pushing the euro to a low of 1.3191.
The Q3 GDP figures from Japan showed a nominal rise of 0.1%, pushing the currency towards the 105 levels.
The cable plagued by inherent weakness fell to a low below the 1.92 mark as the dollar staged a smart rally against the majors.
Oil prices traded below $42 per barrel provided further reason for the dollar strengthening.
However the dollar party was short lived as the traders piled on dollar shorts, pushing the majors close to their previous crosses.
With a correction long overdue in the major crosses, this could pave the way for a further acceleration in the euro towards the critical 1.35 levels.
The dollar gained 2.5 cents against the euro pushing the euro to a low of 1.3191.
The Q3 GDP figures from Japan showed a nominal rise of 0.1%, pushing the currency towards the 105 levels.
The cable plagued by inherent weakness fell to a low below the 1.92 mark as the dollar staged a smart rally against the majors.
Oil prices traded below $42 per barrel provided further reason for the dollar strengthening.
However the dollar party was short lived as the traders piled on dollar shorts, pushing the majors close to their previous crosses.
With a correction long overdue in the major crosses, this could pave the way for a further acceleration in the euro towards the critical 1.35 levels.
posted by Drs Search @ 10:06 AM
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