Dollar opened at Y81.71 in Wellington and promptly crashed
City Index March 14, 2011 11:30 AM
<p>GBP/USD Range: 1.6307 – 1.6328 Support: 1.6250 Resistance: 1.6450 Dollar opened at Y81.71 in Wellington and promptly crashed lower on concerns that the costs of […]</p>
Asian trade as risk aversion, based on risks of nuclear meltdown at Japanese nuclear plants. Rate dropped back to $1.3917, filling most of the early gap, before settling around $1.3935 into early Europe. Eurozone peripheral spreads will be watched, following Friday’s agreements, with EMU IP at 1000GMT the only data of note. Weber and Bini Smaghi due to speak at 1200GMT and 1830GMT respectively. Eurogroup meeting today, ahead of Ecofin tomorrow. Resistance from $1.3986, extending to $1.4000. Above the figure and rate can edge on toward $1.4036 (2011 high, Mar7), offers extending toward $1.4050. Support $1.3900, a break to open a deeper pullback toward $1.3870 ahead of $1.3850/40. Larger demand said to remain in place between $1.3760/40, surrounding Friday’s lows at $1.3752.
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