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The dollar fell for a third day versus most major currencies on improving risk sentiment and optimism the worst of the financial crisis has passed. Bank of America said it raised $13.47 billion by selling equity and Treasury Secretary Timothy Geithner told lawmakers the financial system is beginning to heal. US stocks reversed earlier gains after the Federal Reserve predicted a deeper recession this year and slower recovery in 2010. The S&P 500 declined 4.66 points to 903.47. The dollar index fell to 81.15, the lowest level in five months. There is important support in the 80 area. If this is broken, a drop to 76 is likely. However, the dollar is getting oversold; thus, we are raising the stops on our short dollar positions to lock in profits. The yen rose as Japan’s GDP declined a less-than-expected 4.0% q/q in Q1. Sterling surged through resistance on the improving banking outlook and comments by Chancellor Alistair Darling that the UK recession will be over by the end of the year. Weaker-than-expected Australian consumer sentiment limited gains for the Australian dollar.
source: CMS Forex and FxStret.com