USD Trading Outlook (05-04-2011)
U.S. Dollar Trading (USD) range bound trading was seen in most markets with FX no exception and many pairs kept to 50 pips ranges during the day. The USD benefitted from profit taking after the heavy selling on Friday. Stock ended slightly up with positive sentiment still evident ahead of 4 central bank meetings this week. In US stocks, DJIA +23 points closing at 12400, S& P +1 points closing at 1332 and NASDAQ -1 points closing at 2789. Looking ahead, March Services ISM forecast at 59.5 vs. 59.7 previously. Also ahead, FOMC Minutes today.
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