After a battering week for the Dollar,
buyers came back into the market banking profits on short positions.
The index bounced higher off the 80 point psychological level as the
European market presented further problems during the session. GDP
results in Germany presented a disappointing figure, showing that the
Euro-zone’s largest economy is still feeling the depth of the current
recession.
buyers came back into the market banking profits on short positions.
The index bounced higher off the 80 point psychological level as the
European market presented further problems during the session. GDP
results in Germany presented a disappointing figure, showing that the
Euro-zone’s largest economy is still feeling the depth of the current
recession.
GDP
figures for the first quarter showed a whopping -3.8% compared to its
previous -2.1%,while the yearly figure showed a -6.7% result. In
addition, Nonfarm payrolls from Switzerland missed expectations of
3.963m, coming out at 3.957.
figures for the first quarter showed a whopping -3.8% compared to its
previous -2.1%,while the yearly figure showed a -6.7% result. In
addition, Nonfarm payrolls from Switzerland missed expectations of
3.963m, coming out at 3.957.
Worse than expected data helped increase momentum during early morning hours, sending the Dollar higher against its counterparts.
Despite
today’s strength one must continue to observe the overall trend. By
taking a glance at the following chart, we can see that despite
intraday strength the EUR/USD is failing to break recent support. When
observing all the charts carefully it is important to note that current
movements haven’t caused dramatic change that is yet noticeable on the
charts.
Read the article at dodjit.com
today’s strength one must continue to observe the overall trend. By
taking a glance at the following chart, we can see that despite
intraday strength the EUR/USD is failing to break recent support. When
observing all the charts carefully it is important to note that current
movements haven’t caused dramatic change that is yet noticeable on the
charts.
Read the article at dodjit.com
