The U.S session marks a slight comeback for an oversold dollar, after the previous two sessions were marked by dollar losses, sparked optimism in the market following Bernanke’s indication that the recession is over, coupled with the positive data from the economy that was a break of joy for markets. Investors are unwinding their notion regarding the dollar being the refuge.
The stronger the positive sentiment the weaker the dollar is getting, as investors seek higher yielding investments. The dollar is back to correct after slumping since the morning against its rivals, where the market is in need of adjustment and the positive data from the US economy helped greenback gain some grounds.
Europe’s single currency reverted from its earlier recorded highs today after reaching overbought areas, where intraday indicators are pointing lower in need to relief negative momentum; the pair is now trading around 1.4655 support level which we expect might hold the pair from further decline, yet if the downside move extends its highly unlikely to extend beyond 1.4620.
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