The euro was poised near major chart resistance against the dollar on Monday as ...
SYDNEY - The euro was poised near major chart resistance against the dollar on Monday as investors waited to hear the first official speech from the new head of the European Central Bank later in the session.
The dollar had tried to rally on Friday after U.S. payrolls beat expectations, but was undone by a soft manufacturing survey which left it looking heavy.as bulls looked to test the October peak of $1.1179 and the 200‑day moving average at $1.1195. One of the few movers was the South African rand, which rose as investors were seemingly relieved that Moody’s had only downgraded the ratings outlook for the country’s debt on Friday and did not cut it to junk as some had feared., recouping a little of sharp losses suffered last week.
“Global policy rates are converging once again at the bottom. That probably means less volatility among currencies as interest rate differentials shrink and the likelihood of any change in policy diminishes,” said Marshall Gittler, an analyst at ACLS Global.
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