Action Insight Daily Report 5-20-09
Dollar continues to trade with a soft tone even though the forex markets are generally consolidating on stocks' mild retreat. Dollar index is pressing support level at 81.87 but looks set to take it out in near term. Sterling, continue to be one of the biggest winner this week, closely following Aussie and Kiwi, and could be staging another strong rally after taking out resistance against Euro and Swiss. Yen recovered mildly following less severe than expected GDP contraction in Q1 too but the recovery is so far limited. After all, there is no change in the overall short term bearish outlook in dollar and yen with risk sentiments as the main driving force in the markets and stocks are set to retest recent highs after the current retreat. Main focus today will be on BoE Minutes, Canadian CPI and Geithner's hearing on TARP.
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