Thursday September 29, 2005 - 08:34:10 GMT
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Tricom Futures and Foreign Exchange -
Forex: Slowly, but surely, the mood is turning
Overnight, the US Durable Good Orders came out well above expectations, however the market reacted with minimum fuss.
The euro was slightly firmer against the dollar, largely as a result of continued speculative activity driven by talk that central banks of various countries are buying up the the European unit.
Talk continues of central bank bids in the EUR/USD around 1.2000 and below. This has helped in slowing the slide which began late last week, and also helped the EUR to firm up in Asian trade today. The 1.2080 level remains critical in terms of capping this move, or a break above will suggest further upside. While we maintain trade above 1.2040, the downtrend of the previous month has been broken. The GBP looked a little shaky yesterday after further weak economic data, but has bounced well today on the back of USD weakness, again holding the 1.7600 level.
The market will be looking at the final US GDP number for the June quarter, due out later today, with most expectations centering on an unchanged 3.3%.
Today’s Economic Releases:
US: GDP June Quarter Final
Today's Top Trades
. Buy EUR/USD around 1.2030-40.
. Buy GBP/USD around 1.7630-40.
For more ideas send me an email, [email protected]
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