Dollar secures defensive support

03 July 2009 @ 09:48 am EDT

Trading conditions will be subdued on Friday with US markets closed for a holiday. There will be the risk of erratic trading, although the more likely outcome is that narrow ranges will prevail. Risk appetite is liable to be slightly weaker following the US payroll report and this could trigger some further defensive dollar demand, especially if global equity markets continue to weaken. The US currency will find it difficult to strengthen through the 1.39 region against the Euro with underlying dollar sentiment still subdued.

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