Dukascopy Afternoon Forex Overview
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|  Dukascopy analytic desk reportPublished: 28 October 2009 at 14.46 GMT Previous session overviewThe dollar has turned slightly lower against the euro and remains down against the yen Wednesday, as a solid reading on U.S. September durable goods orders and a quarter-percentage point interest rate hike in Norway have reversed some of the risk aversion that buoyed the dollar earlier. The Dollar Index, a trade-weighted basket of six currencies, was at 76.095 from 76.228 late Tuesday. U.S. durable goods orders snapped back as expected from Augusts' 2.6% decline, although the 1.0% increase registered in September was somewhat less than most had expected. The dollar overnight notched a fresh two-week high against the euro as the risk aversion trade dominated. Meanwhile, Norway became the first European country to raise rates. The Norwegian central bank's decision to raise its key interest rate from 1.25% to 1.50% Wednesday wasn't much of a surprise, said analysts. EURGBP stretched pullback, from earlier traded highs at stg0.90685, to stg0.90205, after strong demand for sterling was seen from a US investment house (cable buys) and a major French name (sales of euro-sterling). Rate currently trades around stg0.9028. Market expectationEURUSD chops down to USD1.4775 area post-data as earlier reported level of semi-official demand gets cleared on weaker new home sales. Pair perhaps to eye the earlier low at USD1.4756 and the stops interest said nestled below USD1.4750. Pair is still warily eyeing US stocks for direction and trader chatter continues to remind of earlier sovereign buys of the pair throughout the overnight slide, continuing the pattern of recent days, the most recent talk adding semi-official name as a euro buyer sub USD1.4800. Pound now pulling back from highs at USD1.6414, with traders expecting demand to emerge around USD1.6365 (38.2% USD1.6285/1.6414), with further interest noted at USD1.6350 (50%). The Canadian currency is also under pressure from an unrelenting barrage over the past week of rhetoric from the Bank of Canada about the economic perils posed by its appreciation. In the near-term, a potential dollar break of the mid-CAD1.0700s region is generally being eyed as key for an extension of its recent rally back to the highs around CAD1.1000 last reached in late September. Most important events of the day
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