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Overview
The dollar was stronger against major currencies this morning and reached a two-week high against the Japanese yen, whilst sterling was struck by reports that rates are to remain at rock-bottom levels.
Other news this morning includes Gordon Brown's proposals to reduce the rising budget deficit by raising GBP16 billion from the sale of assets. Meanwhile the euro slid despite a brief rise last week whilst the Australian dollar rose to a two-month high against the yen UK Market - Pound Sterling News
Resistance levels for the pound are currently at 1.59 along with support levels at 1.58. If the GBP/USD pair breaks the resistance it will target a level of 1.597 with the potential to climb further to 1.60.
The pound hit a five-month low this morning, reaching 1.57 against the US dollar after the Centre of Economics and Business Research released its latest prospects. The research predicts that the bank rate will remain at 0.5% until 2011, and that the UK may have to extend quantitative easing. European Market - EURO News
Despite its brief rise last week to 1.48, subsequent sell off suggests further shifting consolidation for the euro, below this year's high of 1.48, would continue. However, oversold condition is expected to limit downside and the price should hold well above key support at 1.44.
The euro slipped 0.2% to $1.46 after a loss of 0.5% on Friday last week. Its recovery against the US dollar from 1.46 has found resistance at 1.47 during the Asian session. US Market - US Dollar News
Expectations for low US interest rates have kept the dollar under pressure with talk that it may replace the yen as the preferred funding currency for leveraged carry trades
The dollar was up 0.7 percent from late Friday's levels to 90.4 yen, its strongest level since the month began and a step up from the eight-month low of 88.0.
After falling under heavy selling pressure on the prospect that US interest rates could remain low for some time, the US currency hit its weakest level in 14 months against a basket of six currencies. However, in the wake of Australia's surprise rate climb last week, traders seized on remarks by US Federal Reserve Chairman Ben Bernanke late on Thursday that policy could be tightened as a recovery gains impetus. World Currencies - News Highlights
The Canadian dollar versus US currency could reach 1.05, rising old prices are helping a rally to mark a one year low for the pair.
The Australian dollar leapt to a two-month high of 81.40 yen but recoiled from last month's 14-month peak against the US dollar to stand at $0.902. The dollar versus the Swiss franc rose to reach 1.03 forming a bullish pattern.
In Singapore 's economy showed further signs of a ‘clear recovery'. GDP in Singapore expanded at an annualised rate of 14.9% between July and September. Tags
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