The dollar has been creeping back up against Euro and Sterling...
The dollar has been creeping back up against Euro and Sterling, with last week's momentum seemingly dissipated. Bush's nomination of Ben Bernanke as next Federal Reserve president turned the dollar weaker for a few hours as analysts pointed out that Bernanke was likely to be less aggressive in raining interest rates than Alan Greenspan.
Business confidence figures from Germany are expected to show a slight improvement today, which could drive a Euro rebound in the short term.
Analysts seem divided over the likely direction of the Yen, with a Bloomberg survey giving estimates between 119.00 and 110.00 by the year end!....currently trading 115.60. The Yen's weakness has dumbfounded some commentators, since soaring stock markets and indications from the central bank that rates will soon rise from close to zero should give the currency a boost.
GBP EUR - Support 1.4740 then 1.4700
Resistance 1.4800-10
GBP USD - Support 1.7630 then 1.7600, 1.7550 (long term trend support)
Resistance 1.7730 then 1.7800
DATA: German IFO Index - 09:30
UK CBI Industrial Trends 11:00
US Consumer Confidence 15:00
Posted at: 11:10
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