Wednesday August 3, 2005 - 05:29:21 GMT
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Tricom Futures and Foreign Exchange -
Forex: Is that Triple Top in the EUR/USD or Just a Nice Mountain landscape?
The dollar fell for a second day on Tuesday after U.S. inflation data monitored by the Federal Reserve came in on the soft side, suggesting the Fed can keep raising interest rates at its current measured pace.
The dollar pared some losses after other data showed upward revisions to U.S. durable goods orders in June, but overall the greenback was down across the board.
We have seen the USD recover some lost ground today, on the back of the Tokyo Fix this morning, and some talk that the recent highs in the EUR/USD around 1.2250 could be indicating a triple top. We saw some buying by large US banks this afternoon in the EUR around 1.2155, which pushed the cross upto 1.2170, but we've seen the market come off again going into the London open.
With little economic data due out today, the market should continue to tread water ahead of tomorrow's BOE meeting, and Friday's US payrolls data.
Today’s Economic Releases:
US: ISM Services
Today’s Top Trades
· Buy AUD/NZD around 1.1100-10
· Sell EUR/USD around 1.2220-30, with a stop above 1.2260
For more ideas send me an email, email@example.com
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