Stocks and Dollars

Losses stalled on Friday at the 1.0444 support but then extended to just above the 1.0404 support yesterday. I feel there is probably more room for losses today but I’m not convinced these will be strong. Below 1.0404-13 would see the decline extend to 1.0380 and then the stronger 1.0340-50

Losses stalled on Friday at the 1.0444 support but then extended to just above the 1.0404 support yesterday. I feel there is probably more room for losses today but I’m not convinced these will be strong. Below 1.0404-13 would see the decline extend to 1.0380 and then the stronger 1.0340-50

Losses stalled on Friday at the 1.0444 support but then extended to just above the 1.0404 support yesterday. I feel there is probably more room for losses today but I’m not convinced these will be strong. Below 1.0404-13 would see the decline extend to 1.0380 and then the stronger 1.0340-50

Liquidity was light on account of the Bank holiday in the U.K. and Memorial Day holiday in the U.S. The common currency this month reached its lowest level since April 2006 and tested the 50% retracement of its lifetime range. The pair has not lost much ground since Fitch’s downgrade

The greenback has continued to move within near term narrow range as expected and further consolidation would take place, although the intra-day retreat from 1.1597 may bring weakness towards support area at 1.1481/85, price should stay above previous support at 1.1450 and bring another rebound later today or tomorrow.

Although the intra-day rebound from 1.4360 has continued to push cable higher and gain to 1.4590/95 cannot be ruled out, however, as long as resistance at 1.4612 holds, further consolidation would be seen and another retreat would take place.

Liquidity was light on account of the Bank holiday in the U.K. and Memorial Day holiday in the U.S. The common currency this month reached its lowest level since April 2006 and tested the 50% retracement of its lifetime range. The pair has not lost much ground since Fitch’s downgrade

The euro gained ground on Monday, rising against the dollar and the yen, with equity futures trading in positive territory and oil prices on the rebound. Trading is exceptionally thin, with markets in the U.S. and U.K. closed for holidays. The ICE Dollar Index, which tracks the greenback against a