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Dollar regains composure in twitchy market
Tuesday, 23 March. 2010



The Australian dollar held firm on Tuesday, keeping a grip on gains made overnight when resilience in US stocks wrong-footed short sellers, though it faced tough resistance just ahead.The dollar ended the local session at $US0.9166, after recovering from a $0.9085 low offshore. Offers were seen at $US0.9190 and the recent $US0.9225 high, while support came in at $US0.9085 and the 100-day moving average at $US0.9065.The Aussie was also up near 10-week highs in trade weighted terms but faces a tough chart barrier at 71.7 that has persisted since October.

The improved mood seemed to owe much to late gains in US tocks, which confounded fears the passage of President Barack Obama's health care bill would send markets sliding.Still, traders suspected the currency would be capped at $US0.9225/45 while the market awaits the outcome of a euro zone summit meeting on Thursday and Friday which has the potential to rock the euro.Germany and some of its European partners clashed again over support for debt-laden Greece, which wants at least the promise of aid to help narrow its bond spreads and make refinancing easier.
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