Tuesday July 5, 2005 - 04:52:43 GMT
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Tricom Futures and Foreign Exchange -
Forex: Ok, with the whole market back today, let's continue on with this USD rally
Ahead of the US employment data on Friday, we might start to see some short covering in EUR, and profit taking in the USD come Thursday, as traders look to close positions ahead of the payrolls. As for today and tomorrow, well i'd be looking for the EUR to grind lower, and the USD to hold onto its gains, and maybe edge up some more.
The USD remained firm in quiet trade, with US markets closed for the Independence Day holiday, as it continued the positive trend seen towards the end of last week.
The USD was boosted by confirmation last week that interest rate hikes are set to continue after Thursday's upbeat statement from the US Federal Reserve, followed by stronger-than-expected consumer confidence and ISM manufacturing data on Friday. The dollar has risen to levels not seen in over a year against the euro, the pound and the Swiss franc, and to nine-month highs against the yen
The main focus of this week will be Friday's key non-farm payrolls data for June. If the report comes in strong, as the market is expecting, the dollar is likely to strengthen further in the next couple of weeks.
Today’s Economic Releases:
Today’s Top Trades
· Sell EUR/USD strength towards 1.1950-60
. Buy USD/JPY around 111.20-30
. Sell GBP/USD on a break below 1.7570, targeting 1.7500, followed by 1.7100
For more ideas send me an email, email@example.com
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