Tuesday January 3, 2006 - 06:11:11 GMT
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Tricom Futures and Foreign Exchange -
Forex: 2006 - The Year of the Dog, or will it be a Dog of a Year?
The US dollar was trading slightly lower against major currencies on light volumes as traders await directions from key offshore markets, closed since Friday because of the New Year holiday break.
Tonight's release of the minutes of Federal Open Market Committee's Dec 13 meeting, along with the release of the ISM manufacturing index, are likely to set the tone of the market once volumes pick-up.
The ISM data is expected to show the index slipped in December although the US manufacturing sector was still expanding. Meanwhile, the FOMC minutes will reveal the intensity of the debate over the need for further rate rises in the US where economic growth and inflationary pressures are being counter-balanced by some signs of a slowing housing sector. The Dec 13 meeting saw the FOMC drop its reference to accommodative policy, leading to debate about when the tightening cycle will end.
US December non-payroll data due on Friday is likely to be the next key influence in a shortened trading week on forex markets.
Today's Economic Release:
US: FOMC Minutes
Today's Top Trades
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