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Tuesday September 26, 2006 - 10:23:13 GMT
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ACM - www.ac-markets.com
Dollar holds gains versus euro after housing data
By Stéphane Marie - ACM Senior Trader
Yesterdays News and Events:
The dollar gained against the euro on Monday, buoyed by unexpectedly resilient U.S. home sales data, but moved little against most currencies as investors braced for a big week of U.S. economic data. Gains were limited, though, with consumer confidence and inflation data still to come later in the week. Major currencies have been trapped in narrow ranges for the past couple of months as investors look for more clues on monetary policy after the Federal Reserve halted a two year long tightening policy in August.
Todays Key Issues:
German IFO- Expectations (Sept).
US September Consumer Confidence.
The Risk Today:
Consumer Confidence data is due today, while later in the week investors will take a close look at the Personal Consumption Expenditure index, the Fedâ€™s favorite measure of inflation. Investors are also awaiting, closely watched, German IFO business climate survey for September following a rise in the business confidence indicator in Belgium. The headline figure is expected to come in at 104.4 down from 105 in the previous month and the third straight monthly decline. Even so, the index would not be far off the 15 year highs posted in June, and signs of a resilient euro-zone economy are expected to lead the European Central Bank to raise interest rates again in October to keep a lid on inflation. Despite its declining rate advantage, the dollar has held up well and is set to end the third quarter virtually flat against a basket of six major currencies. Some banks are still betting on a turnaround.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2941 K ||1.9219 S ||118.30 T ||1.2625 S |
|1.2880 S ||1.9146 T ||117.77 S ||1.2545 T |
|1.2834 M ||1.9094 M ||117.49 P ||1.2432 M |
|1.2715 ||1.8950 ||116.40 ||1.2411 |
|1.2708 S ||1.8920 M ||115.96 T ||1.2287 T |
|1.2630 K ||1.8863 S ||115.56 S ||1.2274 S |
|1.2575 M ||1.8797 K ||115.18 K ||1.2228 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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