Thursday September 4, 2008 - 00:21:10 GMT
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As posted on GVI Forex:
GVI Forex Jay 00:03 GMT September 4, 2008
Here is an interesting level:
EUR/$ 1.4612 = 38.2% of 1.4980-1.4385 and also a former key support.
Initial resistance is at 1.4530 (Wed high). 1.45 the obvious bias
GVI Forex Jay 23:57 GMT September 3, 2008
It looks like the market may finally be setting up for a
retracement after pausing above 1.4310-66 but still alot of event risk.
I wrote this yesterday and now Trichet has to perform a balancing act
and not come across dovish:
GVI Forex Jay 13:23 GMT September 2, 2008
Two key events this week:
ECB meeting on Thursday and US jobs on Friday (ADP survey on Thursday).
Normally the risk would be for the dollar to turn defensive ahead of
Friday's report by mid-day Wednesday. The ECB meeting pushes that back
to mid-day Thursday depending on how Trichet walks the tightrope.
CNBC's Liseman just said that he is hearing some forecasts of NFP being
down more than 100K, suggests a matter of when not if the dollar turns
defensive this week ahead of the report even though focus is more on
weakening economies elsewhere.
Wild card remains oil and dollar will key off how it trades this week.
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