Dollar opinion is very likely to stay weak and a danger is of a movement to record lows. If there's a election outcome the buck will rally. The number of Euro positions will make it hard for the Euro to expand gains in the near term if the US information is firm now. All in all, the Euro is very likely to be blocked around 1.2840 from the US currency in the brief term with a chance of a temporary transfer to 1.2550 after this week.
The dollar weakened into a low of 1.2820 at New York on Friday, but has been marginally stronger than 1.28 in ancient Europe on Monday along with the US money then reverted to 1.2750. The US opinion polls stay deadlocked before the Tuesday vote. The major fears of the market are that there'll be a obstacle to the outcome or that there isn't going to be a result. Although profits seem improbable, in case this can be prevented, there'll be scope for a dollar rally.
There'll be optimism within the US market in the event the ISM manufacturing figure is powerful now. At this phase, there is a rate increase probably in November if there's absolutely absolutely no increase along with the dollar will likely be exposed.
Comments on exchange prices will likely remain important. The opinions from authorities don't suggest that there'll be resistance to Euro strength. There's minimal likelihood of intervention unless the Euro pushes over the 1.30 level and very possibly not before the 1.35 level provided that the markets stay afloat. The Euro-zone data remained feeble with all the PMI manufacturing index falling to 52.4 in October from 53.1 in September.
Reply With Quote
