{"id":20383,"date":"2011-03-29T07:30:18","date_gmt":"2011-03-29T11:30:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20383"},"modified":"2011-03-29T07:30:18","modified_gmt":"2011-03-29T11:30:18","slug":"dollar-releases-last-weeks-gains","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/29\/dollar-releases-last-weeks-gains\/","title":{"rendered":"Dollar Releases Last Week\u2019s Gains"},"content":{"rendered":"

By Russell Glaser<\/strong><\/p>\n

The dollar was off of its last week highs <\/a>versus the majors as positive US economic data feeds into USD selling. The euro<\/a>, pound, and Canadian dollar were all stronger versus the greenback as traders await economic data from both Britain and the US.<\/p>\n

Today\u2019s Economic Data Releases:<\/p>\n

GBP \u2013 Current Account \u2013 8:30 GMT<\/a>
\nExpectations: -10.3B. Previous: -9.6B.<\/p>\n

The pound has come off of last week\u2019s high, after which sterling shed 5 cents on the US dollar. The declines in sterling may be overdone but momentum has yet to pick up. A better than expected current account release would help the pound recover. Initial resistance for the GBP\/USD is located at 1.6050, followed by 1.6200. To the downside where momentum is pointing, yesterday\u2019s low of 1.5930 should be supportive as the 100-day moving average comes in near this level. A breach of this level may target 1.5870 which is the 50% retracement from the December to March move.<\/p>\n

USD \u2013 Conference Board Consumer Conference \u2013 14:00 GMT<\/a>
\nExpectations: 64.9. Previous: 70.4.<\/p>\n

Yesterday\u2019s stronger than expected US personal income and personal spending data is a positive sign for the US economy and fed into USD selling. A better than expected CB survey should extend yesterday\u2019s trends and be a negative for the greenback. The USD\/CAD has steadily declined and continued USD weakness could continue to push the pair lower. First support is found at 0.9730 with a target the swing low at 0.9666. Resistance is located at the 50-day moving average that comes in at 0.9830.<\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

The dollar was off of its last week highs versus the majors as positive US economic data feeds into USD selling. The euro, pound, and Canadian dollar were all stronger versus the greenback as traders await economic data from both Britain and the US.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20383","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20383"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20383\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}