FXstreet.com (Sydney) - The dollar firmed against the EUR and other major currecies to lift 0.7% as commodities fell. The pair is trading at 1.4842 with resistance at 1.5075 and support at 1.4670. The pair is considered slightly bullish at present.
The Dow Jones interrupted a sixth consecutive day of gains falling just under 1% to 10197.47. Energy stocks suffered mainly as concerns grew on the amount of oil stockpiled and the speed of the US recovery. As reported in the SMH, Marian Kessler, co-manager of the Becker Equity Fund said the government is essentially providing all the final demand in the economy via the stimulus. Energy stocks were pressured by a 3% drop in oil futures following reports of larger than expected stockpiles of crude oil.
Meanwhile, the US deficit for October surpassed the previous record set the month before to end at USD 176.4bn. This was USD 26.4bn higher than expected. The yearly deficit for the year ending 30 September was USD 1.42 trillion.