The #IronFX Midday Commentary by Marshall Gittler: The dollar - TopicsExpress

The #IronFX Midday Commentary by Marshall Gittler: The dollar was higher against most of the other #G10 currencies during the #European morning Friday. It remained near its early morning levels against #GBP, #CAD and #EUR. For a second day, the Norwegian Krone is the main loser after the Norges Bank said that it sees its key rate staying unchanged until the end of 2015 and the further weakening of the economic growth outlook may warrant rate cut. USD/NOK reached and broke above the 6.1100 zone as expected and is now heading towards our next resistance of 6.1700. I believe that #NOK will depreciate further on the dovish stance of Norway’s central bank and in my view, it is just a matter of time before we see USD/NOK above 6.1700. The Eurozone’s current account surplus increased in April to EUR 21.5bn from an upwardly revised surplus of EUR 19.6bn in March. The news didn’t have any impact on the market, although the region’s large current account balance is one of the underlying reasons for the strong #EUR. The South African rand was the main gainer among #EM #currencies as Mineral Resources Minister Ngoako Ramatlhodi said that he expects a deal to be concluded this weekend between the Association of mineworkers and platinum producers. Although an agreement in principle was reached last week, the union introduced new pay demands beyond the agreement. As long as we do not have a final agreement, I remain bearish on ZAR and I maintain my view that USD/ZAR will hit the 10.9700 bar.