Monday November 14, 2005 - 07:10:25 GMT
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Tricom Futures and Foreign Exchange -
Forex: Much Ado About Nothing Today
The US dollar was slightly lower against the yen and euro in early afternoon trade here, but hovering just below 118 yen, with traders sidelined ahead of the release this week of key US economic indicators.
Trading will have little direction until the release on Tuesday of the US October producer price index and retail sales data, and on Wednesday of US consumer price index (CPI) data for October.
A slow start to the week expected today. In pre-European trade we've seen the USD come off slightly, but the has found support around 1.3070 in USD/CHF, while the EUR/USD and GBP/USD are hitting resistance around 1.1770, and 1.7450 respectively.
Looking for the USD rally to continue this week, and for an eventual move towards 1.1600 in the EUR/USD.
Today's Economic Release:
Today's Top Trades
- Sell EUR/USD around 1.1780-90
- Sell GBP/USD around 1.7460
For more ideas send me an email, [email protected]
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