The week has started off quietly enough although Asia did see some mild selling pressure for the Greenback. However, with a relatively subdued release calendar this week the willingness to probe new lows has not been present.
For the States Thursday’s advance retail sales are probably the most influential but still will unlikely manage to generate any significant move in the Dollar. From Europe there is a strong of industrial production and inflation numbers that should maintain the recent positive bounce that has been seen this year.
It seems unlikely that economic releases are going to generate any additional sales in the Dollar and we are therefore left to watch for comments from officials but again they have been open with comments and probably there is nothing new to cause any sharp movements.
Thus the only real chance of stronger moves this week could come from any unscheduled surprise – which probably won’t be forthcoming.
Therefore it looks like Friday’s lows – maybe minor new lows – are likely to be it for now and we should concentrate on a likely dull week of an erratic but upward Dollar recovery which could be the first breather the Dollar has had in 4-5 weeks. This may even last through to after the Easter break.
Note important support and resistance areas:
USD/JPY EUR/USD USD/CHF GBP/USD
Res: 103.23-51 1.5502-15 1.0335-80 2.0329-67
Res: 102.40-80 1.5430-72 1.0255-83 2.0232-48
Spt: 101.20-40 1.5313-34 1.0165-88 2.0155-78
Spt: 100.26-46 1.5254-79 1.0110-31 2.0066-96
For the States Thursday’s advance retail sales are probably the most influential but still will unlikely manage to generate any significant move in the Dollar. From Europe there is a strong of industrial production and inflation numbers that should maintain the recent positive bounce that has been seen this year.
It seems unlikely that economic releases are going to generate any additional sales in the Dollar and we are therefore left to watch for comments from officials but again they have been open with comments and probably there is nothing new to cause any sharp movements.
Thus the only real chance of stronger moves this week could come from any unscheduled surprise – which probably won’t be forthcoming.
Therefore it looks like Friday’s lows – maybe minor new lows – are likely to be it for now and we should concentrate on a likely dull week of an erratic but upward Dollar recovery which could be the first breather the Dollar has had in 4-5 weeks. This may even last through to after the Easter break.
Note important support and resistance areas:
USD/JPY EUR/USD USD/CHF GBP/USD
Res: 103.23-51 1.5502-15 1.0335-80 2.0329-67
Res: 102.40-80 1.5430-72 1.0255-83 2.0232-48
Spt: 101.20-40 1.5313-34 1.0165-88 2.0155-78
Spt: 100.26-46 1.5254-79 1.0110-31 2.0066-96
