The dollar fell to a one week low against the yen during the trading session as investors continued to sell the dollar. Despite bullish rhetoric from Geithner, this failed to convince markets to start buying on the weakness. The November Dollar Yen chart shows the relative weakness.
- EURUSD 1.4975-1.5015 range. Very quiet as profit taking above the figure limited any run up. Support 1.4920/1.4950 which will be seen as place to re-enter longs for those looking for dips as we target 1.5050.
- USDJPY 89.29-89.88 range. Early selling of USDJPY as USDJPY took out 89.50. Support at 89.25 and 89.00 and early European session so USDJPY bounce. Topside 90.20/50 resistance.
- AUDUSD 0.9286-0.9325. Tried AUDUSD 0.9286-0.9325. Tried to take out previous high at 0.9330 but resistance seemed firm in Asia. Although still see 0.9270/50 as support area for another push to 0.9350+.
- Timothy Geithner remains in the spotlight as he confirms that he believes a strong dollar is paramount for the health of the US economy. He spoke in Japan last night, and heads off to Singapore today.
- Be aware that we have the weekly jobless numbers tomorrow