US dollar steadies itself before GDP data

by gracecheng | October 26, 2006 at 06:58 am
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US dollar steadies itself before GDP data

US dollar steadies itself before GDP data

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US durable goods came out much better than expected (+ 7.8% vs 2%
expected), and this is the biggest increase since 16.3% in June 2000.
An added bonus for USD is the better than expected new home sales.
Despite that, USD/CHF could not break above 1.2600. Right now, USD sentiment still remains weak,
and we should monitor USD/CHF's actions around 1.2550. Should it break
below that level, next possible support around 1.2530, then 1.2500.
Resistance is around 1.2600-20. Today we heard from former Fed Chairman
Alan Greenspan who...

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