Friday October 21, 2005 - 06:38:37 GMT
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Tricom Futures and Foreign Exchange -
Forex: Will this be the Friday when the Euro goes on with it?
The dollar was off lows against the yen in afternoon Asian trading after sliding to below 115 yen earlier on stop-loss selling. Despite its choppy movements today, the dollar is expected to keep its firm tone against the yen as Japanese investors buy the dollar on hopes US interest rates will rise further. Meanwhile, the euro was easier against major currencies, aping the upturn in the dollar versus the yen and on profit-taking in the euro-yen cross.
Much of the USD softness over the last 36 hours can be attributed to profit-taking, and the need for the market to see further data evidence of future rate hikes in the US. The EUR's failure to break under 1.1880 has seen another strong bounce, however we've seen these sorts of moves fail miserable recently.
Given that alot of traders have been whip-sawed around this week, and the fact that no major economic data is due out today, I think we will see the market largely rangebound - EUR/USD: 1.2010-1.2080, and USD/CHF: 1.2900-1.2810.
Today’s Economic Releases:
Today's Top Trades
- Buy EUR/USD around 1.2020, with stops below 1.1975
- Buy GBP/USD around 1.7690-1.7700, with stops under 1.7650
For more ideas send me an email, [email protected]
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