Mid-Day Report: Dollar Remains Pressured by Rally in Gold and Stocks

01 December 2009 @ 04:51 pm EDT

Dollar continues to be pressured by structure in gold, as it breaks 1200 handle, as well as a return of risk appetitive as seen in broad based rally in US and European stocks. Dubai World has begun the conversation of banks to restructure the $26b debt and said that the remainder is on a "stable financial footing". Sterling's rebound against dollar an Euro in reaction to the news is impressive. Data from US are mixed with ISM manufacturing dropped to 53.6 versus expectation of 55 in October while pending home sales and construction spending beat expectations.

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