Wednesday September 7, 2005 - 05:30:01 GMT
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Tricom Futures and Foreign Exchange -
Forex: The volume may be back, but the activity is still missing
The US dollar advanced against the yen in early afternoon trade here, after overnight data showing a strong US services sector overrode concerns the Federal Reserve may stop hiking interest rates at its next policy meeting.
Australian Gross domestic product in the second quarter to June rose a seasonally adjusted 1.3 pct from the March quarter and was up 2.6 pct year-on-year, the Australian Bureau of Statistics (ABS) said. Economists had forecast second quarter GDP growth to come in at 1.0 pct, making an annualised growth rate of 2.3 pct.
EUR/JPY has been firming throughout Asian trade today, with good buying out of China rumoured.
The markets appear restrained with a lack of economic data not helping. Traders are caught between 2 schools of thought - the Fed will not raise again in September, or they will raise again. Each release of data is looked at with this in mind, and so explains the choppy price action we are seeing currently. There is no definite trend or market sentiment at the moment. As such, it is probably wise to sit on the sidelines for the remainder of the week.
Today’s Top Trades
· Buy AUD/NZD around 1.0820, with stops under 1.0770
For more ideas send me an email, email@example.com
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