Monday November 28, 2005 - 06:05:27 GMT
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Tricom Futures and Foreign Exchange -
Forex: Another week of data, and more USD strength
The US dollar was trading firmer against the euro and yen, and is expected to hold support as traders await the expected rate hike by the Federal Reserve on Dec 13. The US dollar continued to push higher in thin overnight trading on Friday, reversing losses at the beginning of the previous week to remain unchanged for the period. Support in the US dollar is likely to hold, even with European Central Bank expected to lift official interest rates on Thursday by 25 percentage points to 2.25 pct.
A number of economic data releases in the US this week will affirm traders' expectations of a 25 basis point rate hike by the Federal Open Market Committee, not only on Dec 13 but in late January as well.
Looking for a rangebund start to the week today, ahead of a big week of economic data - topped off with US employment on Friday.
The moves we saw on Friday during the US session, set-up the market for a retest of recent highs in the USD, albeit on light volume. Conversley, the EUR/USD appears for a retest of the low 1.16's in coming days.
Today's Economic Release:
US: New Homes Sales
Today's Top Trades
- Sell EUR/USD around 1.1710-20, with stops above 1.1770
For more ideas send me an email, [email protected]
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