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Greenback Closes Lower on the Week as Data Weighs

Greenback Closes Lower on the Week as Data Weighs

2011-05-27 21:46:00
Michael Boutros, Technical Strategist
Share:
Greenback_Closes_Lower_on_the_Week_as_Data_Weighs_body_Picture_2.png, Greenback Closes Lower on the Week as Data WeighsGreenback_Closes_Lower_on_the_Week_as_Data_Weighs_body_Picture_3.png, Greenback Closes Lower on the Week as Data Weighs

Yet another string of disappointing economic data weighed on the greenback today. A weaker than expected consumer spending print coupled with a dismal read on the April pending homes sales report fueled concerns about growth prospects for the world’s largest economy. The greenback promptly sold off against all the majors, hitting fresh all-time lows against the swissie which surged nearly 2% on the session. With multiple majors including the euro, the aussie, and the sterling approaching key levels, the next few sessions will be crucial for determining the dollar’s trajectory in the weeks ahead.

Greenback_Closes_Lower_on_the_Week_as_Data_Weighs_body_Picture_4.png, Greenback Closes Lower on the Week as Data Weighs

The Dow Jones FXCM Dollar Index broke below support at the convergence of the 20-Day moving average and the 23.6% Fibonacci retracement taken from the November decline at 0.9590. The index fell by more than 0.70% for the second consecutive day before finding solace just above the 0.9550 support level. Subsequent floors are now seen at 9520 backed by 9460 and 9370. Topside resistance is eyed at 9650 with subsequent ceilings eyed at 9700 and 9750.

Greenback_Closes_Lower_on_the_Week_as_Data_Weighs_body_Picture_5.png, Greenback Closes Lower on the Week as Data Weighs

The greenback fell against all the component currencies, with the euro benefitting most with an advance of 1.11% on the session. While all the pairs traded within their average true ranges, the combined advances saw the dollar move 113% of its ATR for a loss of more than 80 points on the index.

US and UK equity markets will be closed on Monday for holiday. The economic calendar picks up again on Tuesday with the Chicago PMI, consumer confidence and the Dallas Fed manufacturing activity reports. Traders will be anticipating data later in the week, with all event risk culminating on Friday with the May non-farm payroll report.

Upcoming Events

GMT

Importance

Release

Expected

Prior

13:45

MEDIUM

USD Chicago Purchasing Manager (MAY)

63.0

67.6

14:00

HIGH

USD Consumer Confidence (MAY)

66.0

65.4

14:30

LOW

USD Dallas Fed Manufacturing Activity (MAY)

-

10.5

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report or subscribe to their daily analysis, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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