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DAILY FOREX ANALYSIS BY CMC MARKETS

*Last Updated May 11, 2006, 2:18 am

Daily report by CMC Markets

FOREX ANALYSIS

Dollar buoyed off FOMC verdict, EU GDP & weekly jobless claims eyed

May 11th - Whilst yesterday’s news of a rate hike at the Fed wasn’t entirely unexpected and the message that the hawkish stance over monetary policy will soon start to soften was repeated, there’s been some notable appreciation by the dollar in overnight trade as investors look to capitalise on the better yields in the short term. The Euro has slumped from over 1.28 down towards 1.27 with attention now focussing on the Eurozone Q1 GDP readings due in the next hour or so. Obviously a reasonably strong showing here could initiate something of a reversion but the dollar had been looking genuinely oversold of late and even at these current levels there’s probably still more room left for manoeuvre on the downside. US weekly jobless claims will also be eyed later in the session – the non-farm payrolls will likely cast a shadow for many until well into the month so a low number here again may help accentuate the dollar’s latest advantage but right now it seems that the technical correction many have been expecting is genuinely underway.

Tim Wilbraham and Enis Mehmet

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