MORNING BRIEFING: The Dollar recovers, near the very important support of 1.4800 against the Euro.

[RTFX-Trading]

MORNING BRIEFING: The Dollar recovers, near the very important support of 1.4800 against the Euro.

What’s new:
Swiss trade surplus of CHF 2.46Mio in October.
Gold: new record above - 1,150 Dollars per ounce.
US: unexpected drop in housing starts and permits.
US: Obama warns against a relapse into recession.
England: differing views on the quantitative easing by the BoE.
Eurozone: current account deficit rose in October.

Today:


Rates in Asia and Indices:
EURUSD: 1.4966 - 1.4860.
USDCHF: 1.0180 - 1.0096.
EURUSD: 1.6752 - 1.6649.
EURJPY: 133.77 - 132.07.
USDJPY: 89.44 - 88.83.
Dow Jones: 10'426 -0.11%.
NASDAQ: 2'193 -0.48%.
S & P 500: 1'109 -0.05%.
Nikkei: 9'549 -1.32%.
Shanghai: 3'308 +0.16%.
Gold: $1,141.
Crude oil: $79.48.
 
Comments:
The key economic agenda will be published at 10:30 CET with the retail sales in October in the United Kingdom.

Yesterday, the Euro gained ground against the greenback, but failed to exceed the threshold of 1.5000. This morning, it gives all the gains away and trades again around 1.4850. The range 1.4800 - 1.5100 is still valid, but the break of 1.4800 seems fast approaching. A series of stop-loss sellers are placed below 1.4800.
 
The chairman of the Federal Reserve Bank of St. Louis, James Bullard said on Wednesday that the Fed could keep the federal funds rate at a level close to zero until the beginning of 2012. This commentary could be perceived as negative for the Dollar. So as the US Dollar is considered a safe currency, this statement is bullish for the Dollar.

Have a good day.

Nicolas Longchamp
RTFX Ltd
Head Office
The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
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