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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (48396)5/2/2005 4:57:38 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Three Questions for Dollar Bulls

Last week we asked if the US consumer will continue spending and after Mondays unexpected rise in Existing Home Sales (6.89MM vs. 6.79MM exp.) and Friday's jump in Personal Consumption (0.6% vs. 0,4% exp.) the answer was a resounding yes. That news combined with an 11.5% decrease in oil prices helped to rally the dollar against the euro. The 2005 lows for the EURT/USD are now within striking distance.

Whether the dollar can actually reach the 1.2700 level this week will depend on the answers to three key questions.

· Does ISM Manufacturing register 55.0 or better?
· Will FOMC raise to 3.0% and issue a relatively hawkish statement?
· Will NFP' s print 175K or better?

If the answer to all those questions is yes the EUR/USD is very likely to challenge the years lows as market players bet on increasingly favorable dollar interest rate differentials to expand further.

dailyfx.com
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