Wednesday February 2, 2005 - 17:25:47 GMT
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European Forex Session Wrap-up - 2/2/05
The European session closes today, february 2nd, with the USD threatening with a break on the upside against the european currencies EUR and CHF, and definitely stronger against the JPY, which is the main loser for today’s session. Today we had yet another 2-part trading session; in the first aprt, we saw a weaker USD across the board for most of the morning; in the second aprt, just after US markets opened, we had very good moves for the USD, which kept on gaining momentum towards the end of the european session, awaiting the key USD FOMC rate interest decision in approximately 2 hours from now. The biggest gain among the “majors” was the USD against the CAD, a pair that as i said so many times before, is worth looking for USD direction these days, as it is acting as a leader for its trend direction.
Trading Recap :At the time of this writing, the EUR is trading around 1.3015 against the greenback, or 30 pips down with respect to european opening levels, still holding very well above the 50% retracement fibo level of the previous uptrend for now. GBP is doing around 1.8825, unchanged. The Swiss Franc –CHF- around 1.1950, loosing (USD gaining) 45, once again threatening the 1.1960 level and once again unable to break it .... And finally, the Yen around 104.05, down some 40 pips.
USD small brothers session performance: the AUD is trading around 0.7735, unchanged, the NZD trading around 0.71, or 20 pips down, and CAD trading around 1.2405, down 90 pips.
Economic events for february 3rd: 9:00:00 AM GER Jan Services PMI (3) // 9:30:00 AM UK Jan Services PMI (4) // 12:45:00 PM E-12 European Central Bank Rate Anncmt.--refi rate (3)// 1:30:00 PM US Weekly Jobless Claims (2)// 1:30:00 PM US Q4 Productivity y/y (3)// 3:00:00 PM US Jan Services ISM (4)// 3:00:00 PM US Dec Factory Orders (3). My (valoration) of the economic events of the day goes from 1 to 5 depending on the influence the news has in the market (1 lowest – 5 highest).
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