Thursday February 24, 2005 - 19:34:36 GMT
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GREENBACK BACK ON TRACK
The Dollar gain against the Yen today after it shook off the Bk. of Korea and Bk. of China rumors that the Asian community was shifting reserves from Dollars and diversifying into other currencies. The Bk. of Korea came out and denied these rumors and put out a statement last night that said they “have no plans to sell Dollars in existing reserves in favor of other currencies, but admitted that non-US markets would be an attractive investment if FX reserves continued to grow. This helped strengthen the Dollar against the JPY and saw this pair trade above 105.50 and remained bid for the most part of the day. Adding to the buying momentum was stops that were taken out above 105.20/30 and 105.50 as well. Durable Goods came in a little weaker than expected and Initial Jobless Claims rose to 312K which was pretty much in line with expectations. The Euro fell to session lows of 1.3176/79 and there were rumors that a couple of central banks put in bids and were responsible in propping this pair back to 1.3220 at mid-day. Tomorrow will bring GDP at 8:30est.
There is trend line support seen in the near term at 105.00/05 and below at 104.70/80.There is resistance at 105.70/80 and 106.20 as well. Usd/Jpy is above its 30,120and 200hr moving averages on a 60 minute chart. A daily close above 105.30 is key for further advances in this pair.
GAIN AN EDGE
We look to buy euro on a dip to 105.10 and 104.85 with a stop below 104.60 and a take profit of 105.75.
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