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Look for a pullback before buying more dollars

Look for a pullback before buying more dollars

2010-03-08 15:04:00
Antonio Sousa, Chief Strategist
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Last week, the U.S. dollar rallied substantially after news the United States economy lost only 36.000 nonfarm payrolls in February and unemployment rate held at 9.7 percent, according to the U.S. Bureau of Labor Statistics. That single even-risk caused a sudden change in interest expectations and the Federal Reserve is now expected to increase rates by nearly 75 bps during the next twelve months, according to overnight index swaps. That said, even though dollar strength is likely to continue during this week, it is probably not a good idea to chase strong dollar rallies. Therefore, one should look for a pullback in USD/JPY to 90 or a rally in EUR/USD to 1.37 before entering into a new long dollar position. More importantly, please make an intelligent use of leverage and always use stops.

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