Dollar index remains under pressure and fell to over 8 months
low at 93.48 against its major counterparts on Thursday.
The fed left the
interest rate unchanged on Wednesday and provides some clues for future rate
hikes.
Any rate hikes by the Fed this year are viewed as bullish
for the dollar.
Gross domestic product, a broad measure of economic output,
advanced at a 0.5% seasonally adjusted annualized rate in the first quarter,
the Commerce Department said.
U.S department of labour said the number of individual
filing for initial jobless claim decreased by 9000 to 257000 from the previous
week total of 248000.
The yen jump towards an 18-month high against the dollar on
Friday and trading at 107.32 levels after the Bank of Japan's decision the
previous day to hold off from expanding its monetary stimulus.
Dollar has broken its support level of 93.60 currently
trading at 93.40, Support at 93.10, resistance at 95.20, close below 93.10 will
take it to 93-92.60 marks.
Further close below 92.60 we will see more and more
downward pressure on dollar. Else we can see it testing its resistance level of
95.20.
More will update soon!!
