Tuesday August 16, 2005 - 06:05:42 GMT
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Tricom Futures and Foreign Exchange -
Forex: EUR looking a bit tipsy
Earlier, the New York Federal Reserve's Empire State Manufacturing index supported the US dollar, falling to 23.0 index points in August from 23.9 index points in the previous month but better than the forecast decline of 18.5 index points. The manufacturing index supported traders views that the US economy is in great shape and contributed to improved interest-rate support for the US dollar
The US dollar was trading firmer against major currencies boosted by positive US economic data. A favorable US capital inflows report overnight eased concerns on the funding of the US external deficit and supported the US dollar
Again today, the EUR remains under pressure ahead of US CPI. For today atleast, I would be looking to sell any strength in EUR upto around 1.2365-75.
Today's consumer price index for July will support the US dollar with the core rate expected to double to 0.2 pct in July.
Looking for the week ahead, i'd be looking at the EUR/USD trading a range of 1.2260-1.2460. Similarly, USD/CHF would have a range of 1.2670-1.2470. I like buying dips in GBP/USD to around 1.7980-1.8000. While i'd be looking to sell strength in USD/JPY around 110.10-20, GBP/JPY around 199.00, and EUR/JPY around 136.20-30.
Today’s Economic Releases:
US: Housing Starts
US: Industrial Production
Today’s Top Trades
· Sell EUR/USD around 1.2365-75, with a 50 point stop
. Buy USD/CHF around 1.2535-45, with a 50 point stop
For more ideas send me an email, [email protected]
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