Tuesday April 26, 2005 - 14:27:40 GMT
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FX Today - www.fxtoday.co.uk
High-yield selling pressure?
The US consumer confidence index weakened slightly further than expected with a decline to 97.7 in April from 103.0 the previous month while the expectations component fell to the lowest level since Summer 2003. The immediate potential for dollar damage was offset by a 12.2% jump in new home sales. The Euro and dollar will both struggle to make headway in the short term as they battle individual weaknesses. The price action suggest the US currency will gain slightly against the Euro in the short term. High-yield currencies are vulnerable to some near-term selling pressure.
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