Friday August 12, 2005 - 05:10:07 GMT
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Tricom Futures and Foreign Exchange -
Forex: In the EUR, the 1.3000 level doesn't look all that far away now
The dollar suffered broad losses on Thursday, falling to fresh 2-month lows against the euro and 6-week lows against the yen as investors once again began to consider the effect of the large U.S. trade deficit.
The euro rose to its highest since May 31, at $1.2450, while the dollar fell well below 110 yen. The yen was boosted by strong Japanese stocks and prospects for the country's repatriation flows.
Well, regular readers of this page would agree that I have been seeing this move for a couple of weeks, but even I didn't expect to occur this quick, and without the lack of resistance. GBP took over the show during the latter part of the European session as it broke above 1.8050. EUR/USD crossed over with the USD/CHF, and I would wait for this to be confirmed following today's Trade data. Assuming the EUR/USD remains above the USD/CHF at New York close today, we can look for the EUR/USD to extend its gains towards 1.3000, and the USD/CHF could fall back towards 1.2000.
Today’s Economic Releases:
US: Trade Balance
US: Univ. Michigan Confidence
Today’s Top Trades
· Buy EUR/USD around 1.2420, with a stop below 1.2370
. Sell USD/CHF around 1.2500
. Buy GBP/USD around 1.8050-40
For more ideas send me an email, [email protected]
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