Wednesday June 22, 2005 - 05:16:33 GMT
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Tricom Futures and Foreign Exchange -
Forex: The Swedes were first, look for the domino effect to start.
The EUR has retained most of its New York gains in early trade today, and has me in two minds - we could easily rally 100 points from here, or just as easily fall back 100 points. Similarly, with USD/CHF. For the large part i'm staying on the sidelines today, but would look to sell EUR approximately 100 pips higher from current levels, and buy USD/CHF a 100 pips lower (around 1.2580).
The USD pared gains against the euro on Tuesday in technically driven trade amid renewed speculation China might soon loosen its currency controls.
The dollar had surged against the euro earlier in the global session after a surprisingly aggressive rate cut by the Swedish central bank fueled expectations the European Central Bank might be about to follow suit.
But the greenback quickly retreated amid strong euro/dollar buying ahead of the London afternoon fixing and heavy yen buying as the latest wave of whispers on China swept the market.
Today’s Economic Releases:
UK: BOE Minutes
Today’s Top Trades
· Sell EUR/USD strength towards 1.2270-90
. Buy USD/CHF on a move towards 1.2580-90
. Buy AUD/NZD on a dip towards 1.0840-50
For more ideas send me an email, [email protected]
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