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Yellen given dollar more support

Posted on November 17, 2009 at 12:20 in News, Short-Term Analysis by Valeria Bednarik

Fed’s Yellen is on the wires, saying recession in U.S. is probably over, and that the U.S. economy is growing, slow, but growing. Dollar is rising further across the board even against Japanese yen. EUR/USD is quiclky approaching to strong 1.4820/30 area. Watch that level: break under will accelerate the fall.

Tags: eurusd

2 Responses to “Yellen given dollar more support”

on 17 Nov 2009 at 7:29 pm1FJ

Hello,

How do you think Gold will react to this?? There is no weakness in it whatsoever. If dollar is getting strong and euro is going down then why don’t we see gold getting weaker. Is it a runaway market? or speculation is playing some role in keeping it temporarily up.

Furthermore, we have seen such temporary strengths in dollar lately. Do you think this time its the same??
on 18 Nov 2009 at 12:06 pm2Valeria Bednarik

Hi FJ, tks, for your comment. As I said at the day opening, it was just a corrective movement for me, and today’ gold reaching 1150 probe it. Gold won’t get weak easily, and have no signs of changing the bullish bias at this point. We are seeing a strong speculation there. I don’t see any chance of dollar strength untill a break under 1.4620 agaisnt euro, and gold at least under 1070.
Regards
Val

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