Monday, 28 Feb 2011

Dollar Remains Bearish in Morning Session

The US dollar resumed its bearish trend to start off the week this morning. The USD took substantial losses against both the euro and British pound. The EUR/USD has gone up over 100 pips since markets opened, while the GBP/USD advanced close to 148 since earlier today.

That being said, the dollar unexpectedly made some gains against its Japanese counterpart during the morning session. The USD/JPY, currently trading at the 81.90 level, is up close to 30 pips since markets opened.

Turning to the rest of the day, traders will want to pay attention to the Canadian GDP figure at 13:30 GMT, as well as the US Pending Home Sales at 15:00. While the Canadian figure is likely to come in at right around the same level as the previous month's, Pending Home Sales are expected to come in well below last month's number. If true, the dollar is likely to fall further in evening trading.