Friday October 14, 2005 - 05:12:52 GMT
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Tricom Futures and Foreign Exchange -
Forex: Could be a mixed end to the week with so much data out
The US dollar was pushed lower against other major currencies in early afternoon trading here, owing to position-adjustments ahead of the release later today of US consumer price index (CPI) data.
In overseas markets overnight, the US dollar surged to 115.10 yen, a level not seen since in September 2003, while hitting 1.1910 usd against the euro, in the wake of the release of slightly better-than-expected US trade deficit figures for August.
The US Department of Commerce announced that the deficit increased in August to 59.0 bln usd from 58.0 bln usd in July, but this was lower than market expectation of a 59.5 bln usd deficit.
The overnight recovery in the EUR, and subsequent slide in the USD looks very much like this time last week, leading into the US employment data. This again appears to be a case of traders squaring up positions ahead of key economic data, rather than the start of a recovery in the Euro, even though I remain bearish the USD.
Today’s Economic Releases:
US: Retail Sales
Today's Top Trades
Sell USD/JPY on a break below 114.20
Sell Gold around 471.50, with a stop above 475.50
For more ideas send me an email, [email protected]
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