Monday September 26, 2005 - 06:00:03 GMT
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Tricom Futures and Foreign Exchange -
Forex: Rita develops into a fizzer, sending Gold, Crude, and the Euro tumbling
The USD firmness continued earlier today, pushing the EUR/USD down to 1.2010, before the Asian session came in and took profit in USD longs. The USD remains slightly bid going into the European session. Gold has traded down to its lowest level in a week (US$460), as concerns over Hurricane Rita subside.
With little economic data due out today, trade should be largely contained within tight ranges. Saying that, the USD will continue to be favoured, although bothe the EUR and GBP are now at critical support levels, suggetsing we could either way. As such, the cautious approach would be to stand aside for a day or so and see if the market wants to be buying the USD even more. I think the reaction to Rita's downgrade has been overdone, and as such we are do for some sort of correction in the USD.
Economic Releases for Today:
US: Existing Home Sales
Today’s Top Trades
For more ideas send me an email, [email protected]
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