Wednesday November 23, 2005 - 05:12:01 GMT
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Tricom Futures and Foreign Exchange -
Forex: Anyone still long EUR from 1.2500 doesn't have much to give Thanks for
The US dollar was mixed against major currency pairs, and is expected to move in a narrow range for the rest of the week as the US Thanksgiving holiday on Thursday causes current market momentum to ease.
While the US unit was sold down sharply overnight on the less hawkish minutes from the Federal Open Market Committee meeting on November 1, there are few strong fresh cues to push the greenback firmly either way.
Data releases in both the US and euro zone for the remainder of the week are scant, and the only real focus will be provided by a number of speeches from central bank officials. These include St Louis Federal Reserve president William Poole who will speak tonight on monetary policy in the US. Dealers said European Central Bank chief economist Otmar Issing will also speak tonight, with traders hoping to garner further insights into the bank's monetary policy intentions including the possibility of a rate hike on December 1.
As suggested above, the Thanksgiving Day holiday, and a lack of economic data will see the remainder of the trading week end with a whimper.
The overnight FOMC minutes really through a spanner into the works. Everything was going along swimmingly as traders were happy to buy USD in the belief of higher US rates for sometime to come. Now with the US suggesting they're nearing the end of their cycle, and the ECB hinting at only one hike initially, the market doesn't now what to buy, and/or to sell. We will now have to wait for fresh data next week.
Today's Economic Release:
UK: BOE minutes
US: Jobless Claims
US: Consumer Sentiment
Today's Top Trades
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