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Tuesday June 7, 2005 - 02:49:27 GMT
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Forex: The Dollar went down, but then what went up??

Market Recap

The quiet session overnight/yesterday was characterised by profit-taking in the USD, and traders moving funds into the Yen. The EUR continues to be capped by political uncertainty, and a worrying economic outlook. The Yen on the other hand is looking attractive on the back of positive data out of Japan, and the continuing talk of a revaluation in the Yuan. A revaluation of the Chinese currency will be positive for most of the Asian currencies, aside from the Yen.
This morning in Beijing, we had Greenspan, Trichet, the head of the BOJ, and the head of the PBOC meet. Comments out of the meeting centred on the usual - the Yuan revaluation will be done based on economics, not politics, and the European low interest rates should be used by entreprenuars as an opportunity to invest in Europe. Greenspan said little of importance.
U.S. Treasury debt prices traded thinly on Monday as dealers braced for an overnight appearance by Federal Reserve Chairman Alan Greenspan on a central bankers' panel, in search of clues on the direction of the market.
The day's main feature was a flattening in the yield curve as traders expect the Fed to continue to raise short-term rates while long-term yields are held down by subdued inflation.
US stocks rose slightly on Monday as a wave of mergers boosted investor sentiment and oil prices retreated from six-week highs.
Boeing Co. rose 1.1 percent to $65.39 after the U.S. defence and aerospace firm said it hopes to secure up to 20 percent of the British Royal Army's 6 billion pound ($10.9 billion) modernization program.
Wal-Mart Stores Inc. climbed 1.5 percent to $48.06. The world's biggest retailer is quietly testing company-owned gas stations at a handful of its U.S. stores.
EBay Inc. rose almost 3 percent to $38.86, helping the Nasdaq, after financial weekly Barron's said the Internet auction company is expanding briskly and that a wave of investor worries has made its stock a bargain.

Today’s Top Trades

Buy USD/CHF on dips to 1.2480-90, with stops under 1.2450
. Sell EUR/USD on strength towards 1.2280, with stops above 1.2340
. Sell GBP/JPY on moves towards 195.30-40
. Sell EUR/JPY on moves towards 131.30-40

Abdul Khan
For more ideas send me an email, abdul.khan@tricom.com.au



 

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