US dollar takes a breather for now
City Index November 4, 2014 2:26 PM
<p>The USD pushed even higher against most major pairs yesterday after the ISM data beat expectations. Overnight it seems to have taken a breather especially […]</p>
The USD pushed even higher against most major pairs yesterday after the ISM data beat expectations. Overnight it seems to have taken a breather especially against the Yen where it hit a seven-year high yesterday, breaking the 114.00 level and now trading back at 113.60. Looking to give the USD more of a boost today is the trade balance data which is expected at -40 billion from last -40.1 billion.
The Aussie had the best move against the USD overnight fighting back against the greenback’s dominance. This was due to the much improved retail sales data and the RBA keeping rates on hold and its statement unchanged. The AUD/USD is trading above the 0.8700 level, but with a downward trend still intact from since the 29th Oct highs of 0.8910.
The GBP will be tested today with it sitting under pressure still from the USD. The only data to get it moving maybe the construction PMI expected at slightly lower than last.
Supports 1.2440 1.2400 1.2385 | Resistance 1.2520 1.2565 1.2600
Supports 113.25 112.80 112.55 | Resistance 114.50 114.80 115.00
Supports 1.5940 1.5875 1.5855 | Resistance 1.6015 1.6050 1.6075
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