Fri, 11 May 2012 00:00:00 +0200
Dollar Turns Bearish vs. GBP
The dollar turned bearish against several of its main currency rivals yesterday, as positive news out of Australia and the UK led to moderate risk taking in the marketplace. A significantly better than expected Australian Employment Change figure gave the aussie a boost vs. the greenback. Overall, the AUD/USD was up close to 100 pips for the day. Following the Bank of England's decision to hold interest rates steady during mid-day trading, the GBP/USD began moving upward. The pair eventually gained close to 90 pips to peak at 1.6180 during the afternoon session. Ahead of markets closing for the week, traders will want to pay attention to several potentially significant indicators out of the US which may generate market volatility. The US PPI figure, set to be released at 12:30 GMT, is forecasted to come in at 0.0%. Should the figure come in above expectations, the dollar may be able to reverse yesterday's downward trend. Later in the day, traders will want to pay attention to the Prelim UoM Consumer Sentiment, scheduled for 13:55 GMT. Analysts are predicting the figure to come in at 76.4, which if tru, could give the greenback an additional boost during the afternoon session.
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