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USD boosted as Greek poll show New Democracy party taking the lead

Article By: ,  Financial Analyst
May 28, 2012 9:00 AM

EUR/USD
Range: 1.2530-1.2610
Support: 1.2480
Resistance: 1.2680

The single currency traded just below 1.2500 on Friday but has since seen a 100 point rally following reports over the week-end that the New Democracy party, which supports the austerity plan negotiated by Troika, have a 5.7% point lead over Syriza, which is the main party opposed to the austerity measures. There was also a report in UK’s Sunday Times that secret plans are being drawn up in Brussels for a European rescue fund that would seize control of struggling banks across Europe. The CFTC data released on Friday showed Euro shorts have reached record levels from 194,983 the previous week to 216,214 on Friday.

GBP/USD
Range: 1.5675 – 1.5710
Support: 1.5580
Resistance: 1.5780

Sterling enjoys a slight bounce in the Asian session as the general risk sentiment improves following polls in Greece showing support for the pro austerity party. I expect flows to be light today with holidays in the US and mainland Europe today. UK data is light this week with mortgage approvals (Wednesday) and manufacturing PMI data (Friday) the highlights.
USD/JPY
Range: 79.37-79.73
Support: 78.80
Resistance: 80.80

In the BoJ minutes out this morning most of the text was as expected. BoJ said they will keep pursuing powerful easing. However they gave a word of caution saying that BoJ is not monetising debt. The minutes looked slightly hawkish and gave an indication that further stimulus may not be given if conditions remain the same. I expect a range bound session today with the US and main land Europe on holiday with flows this week dominated by corporate selling ahead of the month end.

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