Thursday March 17, 2005 - 13:41:47 GMT
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CMC Markets - www.cmcmarkets.com
Oil prices keeping dollar under pressure. Michigan data may offer direction ahead of weekend.
High oil prices look set to dominate the agenda for currency traders and keep the greenback in check, at least for the time being. We’ve got the US weekly jobless numbers due for release in the next hour and these are widely expected to be as good as unchanged on last month. Tomorrow’s Michigan sentiment data however may offer a little more direction, especially if we see a drop much below 92. The FOMC will be meeting next week and whilst tighter US monetary policy is clearly on the cards, there’s still some debate about just how rapid any movement will be through the second quarter of 2005. As a result of this, cable is holding onto its earlier levels around 1.92-1.93 with no sign of the technical correction that had been mooted earlier in the week. UK retail sales figures came in as expected, so look for short term support at 1.9215-20, 1.9165 then 1.9097, whilst on the topside resistance is likely at 1.9295, 1.9325 then 1.9355. The common currency is wavering slightly, but this is on the back of recent gains. Look for support at 1.3380-90, 1.3350 then 1.3288, with resistance at 1.3440, 1.3480 then 1.3500.
Compiled by Stuart Scrase and Enis Mehmet
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