Dollar softens as traders reconsider Fed verdict; more data awaited

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Thursday March 30, 2006 - 07:31:10 GMT
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Dollar softens as traders reconsider Fed verdict; more data awaited
March 30th - Although there has been limited economic data released overnight, the dollar has found itself under a degree of pressure as traders seem to have decided that the earlier run of buying driven by Tuesday’s hawkish note from the Fed may have been somewhat overdone. Marginally weaker than expected Japanese industrial output data may well be limiting gains by the Yen, but both the Pound and Euro have been steadily trending higher in recent hours. We are now seeing a slight reversion but with a swathe of month-end economic data due in the next couple of days, some consensus over fair values should start to emerge. There’s a scattering of numbers due from across the Eurozone including German unemployment and French consumer confidence but it’s going to be US GDP data and the weekly jobless claims that stand to provide the most salient direction for currencies in the near term. However, after this recent swing traders will be looking for some reassurance that the US economic outlook remains balanced and any significant jumps today could easily result in further support for the greenback emerging.

Paul Jackson and Enis Mehmet

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Thursday March 30, 2006 - 07:31:10 GMT CMC Markets - www.cmcmarkets.com