Forex Daily Outlook December 2, 2009

We continue to see more dollar selling, with U.S. equities setting a higher close. This leaves the door open for Asian and European equities to rally and sets the stage for another disappointing session for the dollar. Our bias is for further dollar losses, especially after hawkish comments from the Royal Bank of Australia in regards to their economic recovery and the potential for further interest rate hikes. Price action remains to be consolidative and we expect the majors to continue grinding more gains against the dollar. There is still serious risk involved in taking a trade against the USD, so we urge caution setting wide stops.

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