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Forex Video Technical Update 27/10/2010 – The Greenback Should Pare Some Losses Too
Written by article default Wednesday, 27 October 2010 12:52
The big news coming out of the European session was the better-than-expected UK GDP data for Q3. Keep in mind these are preliminary, but the market is sensitive to GBP-positive news especially when it affects the scope of Quantitative Easing. A rally in GBP/USD reflects the expected shift. Plus you have the S&P offering better outlook for the UK. The US Dollar has also been pressured by QE but its dynamic seems to be shifting as well. Aside from the Sterling, most currencies are losing to the greenback, a sign that the US Dollar might make a recovery or at least some significant recovery, let’s take a look at some dollar-crosses. EUR/USD, USD/YEN, USD/CHF, AUD/USD.