The pair followed through lower on its nearer term declines off the 1.6875 level on Friday decisively violating its short term trendline and taking out the 1.6514 level. This development continues to put GBPUSD under pressure with risk seen towards the 1.6260 level especially now that a bearish engulfing candle…
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Strong Equity Market Gains Put The Dollar Under Renewed Pressure
The strong performance of equity markets today has ensured the USD remains under selling pressure and most major currency pairs remain at elevated levels against the USD in their recent ranges. In Europe, the FTSE is up around +2.1%, DAX +2.4%, and in the US, the S&P is up nearly…
USD Lower, Existing Home Sales Rise 10.1%
The USD starts the week sharply lower as equity markets rally and gold trades at a new record high. The initial catalyst for the surge in the equity markets and gold were linked to dovish comments from the Fed’s Bullard. Bullard called for the Fed to extend its asset purchase…
U.S. Market Update
The greenback remained vulnerable throughout the New York morning but managed to stay below the 1.50 level despite continued strength in crude and gold. Comments supportive of the dollar continue to emanate from global officials, although they are having less and less impact on markets. ECB Chief Trichet may have…
U.S. Existing Home Sales Have Increased in Six of Last Seven Months
Sales of existing homes rose 10.1% to 6,100,000 units in October, building further on the strong 8.8% (revised from 9.4%) gain in September. Expectations within financial markets had been for a more moderate 2.3% rise. Existing home sales have now increased in 6 of the last 7 months. Months’ supply…