Tuesday February 26, 2008 - 12:39:50 GMT
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Black Swan Capital - www.blackswantrading.com
A Boost for the Euro
FX Trading â€“ Euro Pops on Good News
A nice bump higher for the euro this morning after German business confidence unexpectedly ticked higher. Economists had been expecting the Ifo index to show a decrease in confidence. But mixed in to an overall positive report was a larger-than-expected decrease in business expectations â€“ something to watch out for in the coming months as we try to determine just how much European grow may slow.
There are still a few other pieces of economic news coming down the pipe this week -- consumer prices, GDP, trade; most of it courtesy our friends across the pond.
Tomorrow weâ€™ll hear about fourth quarter imports and exports in the U.K. Expectations call for a considerable drop off from the previous quarter. An expected drop in imports from 4.7% to -0.1% would show how hard consumption in the U.K. has already been hit. Who do you expect is the biggest loser when U.K. exports fall? If you said Europe youâ€™d be right.
Likewise, nobody is buying from them. U.K. exports are expected to fall from 2% to 0.4%. Perhaps this is indication that Europe doesnâ€™t want their stuff either. And perhaps Europe is starting to feel the same pinch thatâ€™s squeezing the U.K.
A look at EURUSD Daily:
[Chart not available in text format]
John Ross Crooks III
Black Swan Capital
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