Friday September 16, 2005 - 04:49:42 GMT
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Tricom Futures and Foreign Exchange -
Forex: All the action happen's during the Asian session
The US dollar was trading mixed against the major currencies as traders positioned themselves ahead of an expected rate hike by the Federal Open Market Committee next Tuesday. However, just over the Asian lunch period we have seen the USD sell-off sharply, with most shops suggesting it was a short squeeze in EUR and GBP. The market remains failry thin, with further stops above 1.2310 in the EUR.
Traders are now focused on today's release of the US current account deficit for August which is expected to be near 193 bln usd with higher oil prices a major influence in the trade and current account data. Any number close to 200 bln would pressure the USD further.
Also, the USD will remain under pressure ahead of tonight's Michigan Consumer Sentiment with some talk that the recent strength in oil prices would have dealt a severe blow to consumer sentiment, almost as much as a 25bps hike in rates i would think.
This weekend's elections in Germany may be negative for the euro if the result is a grand coalition of parties seen as impeding economic reforms
Today’s Economic Releases:
US: Current Account
US: Univ. Michigan Consumer Sentiment
Today’s Top Trades
· Buy EUR/USD around 1.2260-70
. Sell USD/CHF around 1.2650
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