Friday March 18, 2005 - 12:33:40 GMT
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CMC Markets - www.cmcmarkets.com
Dollar finds some respite as oil backs off highs; market awaits Michigan data.
March 18th - Oil prices have backed off the recent record high and this is lending a degree of support to the dollar in early trade. Although the fall in crude has only been very marginal, essentially itís a move in the right direction and thereís also a growing consensus that the high prices are unlikely to damage consumer confidence, at least for the time being. This run of dollar popularity has made a small impact against both the Pound and Euro with each retreating around one big number in early trade and with no significant economic numbers due from London or the eurozone ahead of the weekend, these gains may yet prove sustainable. University of Michigan sentiment data may offer further direction later in the session, but on cable expect to find short term support cutting in as soon as 1.9145-50, followed by 1.9097 then 1.9000, whilst on the topside look for resistance at 1.9200-10 then 1.9250-55. The common currency also looks set to remain under a little pressure after the run of gains in recent weeks, but the 1.30 level still looks secure. Expect to find short term support at 1.3280-90 then 1.3080-90, with resistance at 1.3390 then 1.3440.
Paul Jackson and Enis Mehment
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