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U.S.Dollar continues to head towards 73 level. Recent news of a new Greek financing package has rallied the euro. There were several negative economic reports last week, specifically: unemployment rose to 9.1% and only 54,000 net jobs were created, the ISM report dropped indicating a slowing economy. Also the end of QE2 weighs on traders & investors and they question - can the U.S. economy continue to recover without monetary and fiscal stimulus? Lots of Fed Speak today, there will probably not be QE3 but, don't expect tightening any time soon either.
As for gold-- next resistance is its historic high, around the $1,580 area. There is not a lot of supply/resistance at that level.
Callum Henderson, Global Head of FX Research at Standard Chartered expects dollar downside to continue in the short-term.
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