Monday May 30, 2005 - 22:42:08 GMT
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Tricom Futures and Foreign Exchange -
I don't want to say it, but "I told you so"
With the UK closed overnight for the Bank Holiday, and the US closed for Memorial Day, the markets were left to trade on light volume, and allowed to go stop-loss hunting without too much resistance. The French “No” vote on the EU constitution was the main cause of further EUR weakness, and it helped the market to set-off the stops under 1.2500, as it now only seems a matter of time before the EUR/USD and USD/CHF crossover. These 2 crosses are now less than 100 points apart. I can see Friday’s US employment data as the catalyst for the crossover to happen, setting the stage for a new round of USD strength, and EUR weakness.
The US Bond and Stock Markets were closed overnight for Memorial Day.
Today’s Economic Releases:
· JPN: Jobless Rate
· AUS: Current Account
· AUS: Retail Sales
· EU: CPI
· US: Chicago PMI
Today’s Top Trades
· Buy AUD/NZD around 1.0665
. Sell EUR/GBP around .6865, with a stop above .6885
. Sell EUR/USD around 1.2510-20, with a stop above 1.2550
For more ideas send me an email, [email protected]
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