Browse: Home > Dollar pares wins, still strong against Euro
Tuesday, July 20, 2010
Dollar pares wins against European rivals, as Gold bounce back up from a 2-month low set earlier today around $ 1175/oz, thus remains strong amid Wall Street slump: US indexes tumble on concerns about weaker-than-expected revenue growth at major U.S. companies, despite strong quarterly profits presented past week. DJIA is down 90 points at the time of writing, around 10.063 after falling to 9945 before the opening, while S&P is down 0.67%; treasuries are also negative today -0.03, while Crude barrel regained some ground and quotes above $ 77.00.
Dollar is then back under pressure despite early gains during the European session, intraday positive only against euro and yen; EUR/USD fell as low as 1.2840 before retesting the 1.2900 area, thus still struggling with the level, unable to confirm a recovery; according to Slobodan Drvenica from Windsor Brokers Ltd, pair still holds a bullish bias as he stated: “today’s fresh rally has dented 1.3006 barrier, with 1.3026 seen so far. Correction lower followed, with higher low required between 1.2835/1.2776, ahead of fresh strength. Above 1.3026 to open 1.3073, 61.8% of 1.3816/1.1875 decline first, then 1.3123, 38.2% of 1.5411/1.1875 fall”. From current level then, supports lie at 1.2835, 1.2802 and later 1.2776.