Thursday July 14, 2005 - 04:38:22 GMT
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Tricom Futures and Foreign Exchange -
Forex: If you say you know what's happening in this market, you're lying!!
The market's been more confusing than usual this week. Starting with Monday and Tuesday, we saw the USD sell-off and EUR and GBP rally strongly. Then just when we thought the USD slide might continue for another 100 points, the market turns around and regains some of its lost ground. Similarly, the EUR stopped at 1.2240, and GBP at 1.7780 early in the European session. It was like they stopped dead in their tracks, and suddenly the market decided to go in the opposite direction, for no apparent reason.
The USD strength later on can be explained by the better than expected Trade data, but again we saw the GBP fall down to around 1.7530, before it rallied 100 points to close around 1.7630. It's all too tricky, for this little ducky!!!
Today, we have US CPI and retail sales, and while the numbers should be USD supportive, they rarely come out too far away from expectations, so i expect the reaction to be fairly uneventful. Given the whippiness of the price action this week, i'm happy to let the market do its own thing for the remainder of the week, and take a fresh look at it on Monday. Also, keep in mind that we are approaching the main part of the Northern Summer holidays, and thus volume and activity will start to drop away.
Today’s Economic Releases:
US: Retail Sales
Today’s Top Trades
· Buy AUD/NZD around 1.1100-10
For more ideas send me an email, email@example.com
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