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DAILY FOREX ANALYSIS BY CMC MARKETS

*Last Updated June 16, 2006, 12:40 am

Daily report by CMC Markets

FOREX ANALYSIS

Dollar looking somewhat flat as traders await Michigan data

June 16th - It’s been a relatively quiet overnight session for currency markets leaving the dollar to remain some way off its recent highs. Overall there’s little around to provide any real direction just now – speculation continues as to whether the forthcoming FOMC verdict will be the last rate hike that we see for a while out of Washington – but the Q1 current account balance and perhaps more importantly the Michigan sentiment readings due later may well be able to provide some momentum as the session progresses. Should consumer sentiment appear bullish – perhaps encouraged slightly by the recent dip in oil prices – then the debate about the hawkish stance at the Fed hanging about that bit longer may be ignited again. Arguably however, with the prospect of interest rates across the Atlantic now likely to start converging, the dollar may still be looking a little overvalued against both the Pound and Euro – we’re still sitting some way off the early June highs for both EUR/USD and cable, suggesting that further technical gains wouldn’t necessarily be wholly unsustainable.

Andy Cottrill and Enis Mehmet

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Disclaimer: Although obtained from sources believed by us to be reliable, CMC Markets and its affiliates cannot guarantee the accuracy or completeness of the information upon which this commentary is based. This commentary does not purport to disclose the risks or benefits or entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.

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