Tuesday September 6, 2005 - 06:40:56 GMT
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Tricom Futures and Foreign Exchange -
Forex: I'm Baaaaaack!!!
The US dollar firmed against the yen and the eur, supported by technically-driven position adjustments following the greenback's recent sharp slides. Steadier oil prices in the wake of pledges to release emergency oil reserves has helped soothe some of the unease seen towards the dollar in the wake of Hurricane Katrina.
Despite today's technical bounce, bearish sentiment towards the US currency remains intact due to concerns over Hurricane Katrina's impact on economic growth and worries about oil.
I've been away for the last 10 days in wonderful Dubai, talk about a place on the move!!! I returned over the weekend and was surprised to see the moves that had occurred - the recovery in GBP, the bounce in EUR, and the sell-off in the USD across the board.
Looking ahead, we have little economic data out this week which will see the market trade rangebound. Apologies, but it's going to take me a day or so to get on top of the markets. I promise i'll have more to say tomorrow.
Today’s Economic Releases:
UK: Industrial Production
US: Non-Manufacturing ISM
Today’s Top Trades
Give me 24 hours to get a grip on things. Sorry again.
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