Tuesday May 24, 2005 - 22:45:56 GMT
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Tricom Futures and Foreign Exchange -
The USD's just taking a breather before moving higher again
Another uneventful session overnight, as the Fed minutes failed to surprise. Attention now turns to Thursday’s US GDP Revision. I’m looking for an upward revision, suggesting further upside for the USD.
U.S. Treasury yields hovered close to three-month lows on Tuesday as minutes from the Federal Reserve's last meeting revealed few surprises, leaving expectations for further interest rate increases unchanged.
Bonds had already started off the session on a positive note, as hints of a further softening in European economic growth gave bulls an excuse to test recent lows in benchmark yields. The Fed minutes did note "a discernible upcreep" in inflation measures recently, but that was largely in line with recent comments from the central bank.
U.S. blue-chip stocks slipped on Tuesday, with investors showing little reaction after Federal Open Market Committee minutes offered no sign when the central bank would ease its campaign of interest-rate hikes.
Today’s Economic Releases:
· JPN: Merchandise Trade
· GBR: GDP
· US: Durable Goods
Today’s Top Trades
· Buy USD/CHF around 1.2285-90, with a 50 point stop
· Sell EUR/JPY around 135.80, with a 50 point stop
· Sell EUR/USD on strength towards 1.2585-95, with a 50 point stop
For more ideas send me an email, Abdul.Khan@tricom.com.au
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