Tuesday September 13, 2005 - 07:05:56 GMT
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Tricom Futures and Foreign Exchange -
Forex: Alot of data this week, but most probably very little action
The dollar steadied on Tuesday, supported by growing expectations the Federal Reserve will raise interest rates next week and deepening uncertainty over an upcoming German election that capped the euro's rise.
Comments from Dallas Fed President Richard Fisher on Monday that the economic risks created by Hurricane Katrina would be temporary had bolstered the dollar as his remarks were taken to suggest the central bank would raise rates on Sept. 20.
Aside from the various economic numbers, we also have elections in NZ and Germany this weekend, with various scenarios being put forward should we get certain results. In Germany, the opposition has a slender lead, with most commentators suggesting a victory by the Christian Democrat opposition would be EUR positive.
Later today we have UK CPI, looking for a solid number, but not too far away from expectations. Later we have US CPI and Trade data, most probably a mixed bag of USD positive, followed by USD negative numbers. Overall, I remain USD bullish over the short-term, as we headinto next weeks FOMC meeting.
Today’s Economic Releases:
Today’s Top Trades
· Sell EUR/USD around 1.2315-20, with stops above 1.2360
. Buy USD/CHF around 1.2550, with a 50 point stop
For more ideas send me an email, email@example.com
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