US Dollar Weakens Against Majors
January 07 2013 - 9:55PM
RTTF2
The greenback edged lower against its major rivals on Tuesday
morning in Asia as Asia-pacific equity sentiment weakened ahead of
the U.S. earning season.
Uncertainty about the upcoming earnings season weighed on
sentiment, with aluminum giant Alcoa (AA) due to release its
quarterly results after the close of trading later today.
The US dollar reached 5-day lows of 1.3129 against the euro and
0.9207 against the Swiss franc.
With trend-line support levels signaling further bearishness,
the dollar may find downside target levels at 0.9160 against the
franc and 1.3190/1.32 against the European shared currency.
The greenback also drifted weaker against the pound in early
Asian deals, falling to a 5-day low of 1.6130, down from Monday's
close of 1.6118.
The cable is expected to show some consolidation around the
1.6130/50 area in the near-term. However, the pair may extend
uptrend toward the key 1.63 level in the medium-term.
The greenback reversed its one-month bullish trend against the
yen, falling to a 4-day low of 87.25, down from 87.80 hit late New
York Monday.
Although the present direction seems to have a 'dollar-bearish',
the trend may alter as soon as the newly elected Japanese Prime
Minister Shinzo Abe adopts his pre-election pledge of unlimited
quantitative easing policies.
Traders look forward to important macro-economic data for
direction, with the Swiss unemployment for December, German trade
data and factory orders-both for November, euro-zone consumer
confidence for December, retail sales and unemployment for November
being expected to influence the market in the European session.
The U.S. consumer credit for November is the lone data to watch
in the North American session, however, the key focus would be
towards the earnings result of Alcoa which is due out after the
close of the market.
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