Monday August 1, 2005 - 04:04:10 GMT
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Tricom Futures and Foreign Exchange -
Forex: After all the GDP Fuss, where back where we started
The USD rose modestly against most major currencies, but bonds tumbled after data showed solid U.S. economic growth, leaving little doubt the Federal Reserve would keep raising interest rates.
U.S. second-quarter gross domestic product grew in line with expectations and a July reading of Midwest manufacturing activity was well above forecasts.
U.S. stocks slipped on Friday after crude oil settled above $60 a barrel, sparking high energy cost fears, and government data showed the economy expanded as much as economists expected.
We've seen some light USD weakness to start the week off. A week which is highlighted by the BOE interest rate policy meeting, and US payrolls. The EUR has been well suported today, on the back of talk about Middle East central banks buying. At this stage it looks like we could range trading until later in the week. The EUR looks well supported down around 1.2080, while USD/CHF appears to be capped around 1.2950. I'll be standing aside for today from the majors, preferring to look at crosses like the AUD/NZD, and GBP/JPY
Today’s Economic Releases:
US: ISM Manufacturing
Today’s Top Trades
· Buy AUD/NZD around 1.1100-10
. Sell GBP/JPY around 198.00, with a stop and reverse at 198.31
For more ideas send me an email, [email protected]
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