Monday February 28, 2005 - 15:25:19 GMT
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FX Today - www.fxtoday.co.uk
Firm Chicago index
The Chicago PMI index was slightly stronger than expectation at 62.7 in February from 62.4 the pervious month with firm components for orders and employment. Although there were rumours of a stronger figure, the data will offer some slight dollar support. Markets will, however, be concentrating on Greenspanís Wednesday testimony and the crucial Friday payroll data. Dollar sentiment will remain fragile, but long Euro positions offer little value above the 1.3260 level.
Australian dollar volatility is likely to be very high this week and it still looks dangerous to get involved with the AUD at current levels.
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