Daily Insight

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04 January 2006

The minutes of the December Fed' meeting were released yesterday...

The minutes of the December Fed' meeting were released yesterday, revealing that only two further rate rises are likely. Inflation appears to be under control, and pressure for higher rates is moderating. The dollar reacted predictably, selling off sharply to 1.7500 and 1.2080. We could see further dollar weakness over the short term as markets continue to digest the news.

There isn't much in the way of data today, a couple of early EMU items, but nothing likely to have a major impact.

GBPEUR - Support 1.4520 then 1.4470
Resistance 1.4600 then 1.4650

GBPUSD - Support 1.7410 then 1.7315
Resistance 1.7535, then 1.7600

DATA: EMU PMI (services)09:00
EMU CPI 10:00

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