Monday August 15, 2005 - 05:02:52 GMT
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Tricom Futures and Foreign Exchange -
Forex: A big week of data which could test EUR's recovery
The dollar rose modestly against the euro on Friday due to a bout of profit-taking in the European currency after three consecutive sessions of gains, but dollar sentiment remained weak.
The dollar's rebound came shortly after a report showed the U.S. trade deficit widened to $58.8 billion in June -- the third largest on record -- from $55.4 billion in May. The gap was not as large as anticipated, since some traders had expected a deficit of as much as $60 billion.
So far today, we've seent eh EUR/USD lose a little more ground, but overall I feel the sentiment remains towards a weaker USD, although this week's packed Economic Calendar will test the resolve of this firmer EUR. First up today we have manufacturing data, followed by the closely watched TICS data. Tomorrow we have CPI, and industrial production, while later in the week we have Philly Fed.
The downside in the EUR today should be limited to around 1.2370, and would offer good buying value for a retest of 1.2440-60.
Today’s Economic Releases:
US: Empire State Manufacturing
US: TICS Flows
Today’s Top Trades
· Buy EUR/USD around 1.2370, with a stop below 1.2330
. Sell USD/CHF around 1.2540-50, with a stop above 1.2600
For more ideas send me an email, [email protected]
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