Wednesday October 27, 2004 - 16:17:57 GMT
Share This Story
CMC - www.cmcforex.com
Forex: Dollar trading flat whilst implications of oil price and US elections digested.
Oct. 27th, 0600EST- The dollar now seems to be trading essentially flat against the major currencies after yesterday’s early adjustment. The market is waiting for some further signals and although there’s some US treasury
information and the durable goods numbers due for release later in today’s
session, the bigger issues of oil and next week’s Presidential election
look set to dominate in the near term. With little economic data due out
from Europe today, the sideways churn may well continue – Cable has edged
off yesterday’s high of 1.8450 but is holding relatively steady around
1.8360 and it may well be tomorrow’s UK consumer confidence figures that
present the next piece of solid directional information here. Ahead of
this, we’re looking for support at 1.8320 then 1.8220, whilst resistance
should come in on the top side at 1.8420 then at the week’s high of 1.8450.
Likewise, the Euro is churning close to the 1.2750 level against the
dollar, but remains well within striking distance of February’s highs. Any
indication that the ECB will tighten monetary policy may be sufficient to
push the common currency higher and test resistance levels at 1.2820 then
the week’s high of 1.2850, whilst on the downside look for support at
yesterday’s low of 1.2720 then 1.2680.
For up to the moment FX market commentary, a 24 hotline is in place on 866-531-2604.
Provide by CMC Group New York– Stuart Scrase, Senior FX Dealer and Enis Mehmet, Head of New York Operations.
About CMC Group
CMC Group transacts over $1billion per day across its range of real-time online Foreign Exchange. It is one of the world’s leading online Foreign Exchange, Index and Equity Derivatives providers. Founded in 1989, CMC Group has operations in London, New York and Sydney. It is authorized and regulated by the Financial Services Authority in the UK, and is a member of the US NFA and ASIC in Australia. For further details on CMC Group visit www.cmcgroupplc.com.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."