Forex Daily Outlook December 11, 2009

Another day of consolidation; well see how long it lasts before further volatility pushes the dollar either below 1.4700 or tests the moving averages in the 1.4880 level and then on to the 1.50s once again. It has become a very interesting market to analyze since so many government and finance officials speeches in recent days have given the market a mixed outlook, along with revived concerns over the world wide economic recovery. Were looking for several things as key indicators on which direction the market will proceed. There are still many uncertainties surrounding economic fundamentals, geopolitical risks, and risk appetite that weve seen shift from one extreme to another. Look for US economic news releases to drive the market today. If retail sales data disappoint, we could see support at the 1.4700 level to hold vs. the Euro and a close higher would give the market a reason to continue selling the dollar into next week.
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