Thursday July 21, 2005 - 12:48:23 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Fx-Thoughts for the day - Evening - 21-07-05 ..... 1210 GMT
Dollar-Yen fell back yesterday AFTER climbing to 113.70, which was VERY strange. Now we know the reason why. The Yuan has been revalued 2% upwards from 8.27 to 8.11. Whether more revaluations will follow later on will have to be seen.
We would think that the Chinese would wait for the Dollar to regain strength, to say 113-115 against the Yen and 1.20-1.18 against the Euro, before coming through with the second instalment.
We are so glad we exited our Euro-Yen Longs earlier in the day today. Not that we had any idea of what was to come. We were simply following our trading discipline and charts.
Although the EUR-USD has fallen from 1.2250 to 1.2190 just now, we are not unhappy about exiting our EUR-USD Shorts, because we wanted to avoid uncertainty.
Now, we'll have to read the news (alongwith everyone else) and take a fresh look at the Charts (again alongwith everyone else), before deciding what to do next. We'll keep you posted if we see anything. For now, this is it for the Evening Edition. Watching.
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