Friday March 4, 2005 - 12:06:59 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts - Evening - 04/03/05.......1140 GMT
NON FARM PAYROLL DATA tonight
The US Feb Non-Farm Payroll data is to be released tonight. The expectation is an increase of 225K as compared to a 146K increase in Jan. Should the data come in as per (or better than) expectation, it would indicate an above average increase. Please take a look by clicking on http://www.kshitij.com/fxthoughts/nfp.html
That might be a positive trigger for the Dollar, inducing the Euro to fall below 1.3087, breaking the 1.3087-3308 range we've been looking for this past week. If so, it could indicate that an interim top has been established for the Euro at 1.3280 and an eventual fall towards 1.2920 may be on the cards.
However, if the market reacts adversely to the data, the Euro could shoot up towards 1.3180 or even 1.3210, re-affirming the 1.3087-3308 range.
We are Square
We were holding Long Dollar positions but have squared up because we seldom like to carry positions going into volatile data releases such as the Non-Farm Payroll. We would rather lose some opportunity than cash. We can always re-enter the market later in line with the post-data release scenario.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."