US Dollar exchange rate is starting to slide again against the euro

Foreign Exchange - Pounds Sterling and Euro Exchange Rate Outlook

The US Dollar exchange rate is starting to slide again against the euro at the Asian hand-off to Europe around 3 am ET today, suggesting that foreign exchange traders are buying euros and upmove may be getting back on track to test last week’s high around 1.3739.

The US dollar Outlook firmed in nearly a straight line yesterday, from 1.3678 overnight in Asia to 1.3532 at the US open and hitting the best level of 1.3429 around 2 pm. This is almost exactly a 25% retracement of the move up from early March to last week.

As for timing, the Fed announced at 2:30 pm the start of Treasuries purchases - today. The euro exchange rate has risen since then, if not by much, held back by the worst IFO sentiment reading since 1982.

Pounds to US Dollars exchange rate is dipping for its own reasons, a bad Gilts auction and bad retail sales numbers. It has strong support around 1.4500, though. The dollar/yen, which had climbed nicely yesterday, stalled around 98.50 and is struggling around 97.50.

Pounds to US Dollars = 1.4570
Pounds to Euros = 1.0796
Euro to Pounds = 0.9258
Pounds to Australian Dollars = 2.0933

Bye For Now

Barbara Rockefeller
Foreign Exchange Trading
Forex Trading Reports - Click for a free trial

Buying Euros? Buy Euros at the best euro Rates!
Buying Dollars? Buy US Dollars at the Best Dollar Rates!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates!

Contact IMS Foreign Exchange + 44 207 183 2790