 Today's trading in the forex markets reflects a sense of indecision among investors. Dollar, which initially showed signs of recovery, faced an abrupt halt following unexpected decline in US PPI for December. British Pound, despite the release of stronger-than-expected UK GDP data, failed to garner significant support. Japanese Yen is attempting a modest recovery, capitalizing on retreat in global benchmark yields. However, momentum behind Yen's recovery remains relatively weak. Euro, meanwhile, continues to trade within a narrow range against major counterparts like Dollar Sterling, and Swiss Franc. In contrast to the lackluster movements in currency pairs, Gold rebounds strongly after being supported by near term rising channel. Current development suggests that near term up trend in gold remains intact. Next focus is 2063.74 minor resistance. Break there should pave the way through 2088.24 resistance towards 2134.97. ... |
