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Mid-Day Report: Dollar Weakens as Risk Appetite Returns on Bernanke and Merkel
Dollar index broke 79 handle overnight as sentiments were boosted by Fed Bernanke's comment on policy stimulus and German Merkel's comment on Eurozone bailout funds. Asian equities are broadly higher following the 160pts rally in DOW. Gold also rebounded strongly on QE3 speculations and is heading back to 1700 level. The Japanese yen is also broadly weaker today as strengthen of last week's rebound faded. As noted yesterday, EUR/USD's break of 1.33 resistance cleared the near term picture and should trigger further selling in the greenback against European majors. Dollar index's break of 79 also affirm this near term view.
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