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Free AccessMonth-end related dollar sales pressured.....>
DOLLAR: Month-end related dollar sales pressured yesterday, the DXY touched
pullback lows of 97.43 before settling around 97.50 at the close. With Japan,
China, Hong Kong & Singapore all closed volumes remained extremely light through
Asia with the index held to a narrow 4 pip range.
- Recovery efforts have so far remained shallow and keeps the downtrend in
check. Initial support is seen at 97.38/34 which represents the 21-dma & 38.2%
retracement of 95.74-98.33. Expect further support on approach to the 97 level
(97.04 - 50% fibo), ahead of channel base support & 100-dma at 96.93/67. Bulls
need to recover 98, before challenging the ytd highs at 98.33.
- Gold rallied above the 21-dma ($1285.09) to $1286.27 yesterday, but despite
the dollar sell-off failed to consolidate gains, giving a warning sign to bulls.
The yellow metal has since drifted back under $1280 with bears targeting a
downside break of the 50%/61.8% fibo of $1266.42-1288.72 at $1277.57/1274.94.
- WTI & Brent trade $0.30 lower at the European crossover.
- The FOMC rate decision is scheduled today at 1800GMT, other highlights from
ADP Employment (1215GMT) & ISM Mfg (1400GMT).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.