Friday January 6, 2006 - 05:39:14 GMT
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Tricom Futures and Foreign Exchange -
Forex: The first payrolls for 2006
The US dollar was trading firmer against the major currency pairs earlier today, but is expected to continue range trading ahead of tonight's non-farm payrolls data in the US.
US dollar largely traded sideways overnight as currency traders stepped away after the sharp fall in the US dollar earlier in the week, while the euro was approaching overbought levels.
Traders are closely watching tonight's release of non-farm payrolls data for December, with market expectations of a 210,000 gain from a 215,000 rise in November.
Any number around this level will see the USD resume its move lower, as I sense the market wants to start getting short USD.
Today's Economic Release:
US: Non-Farm Payrolls
Today's Top Trades
- Buy EUR/USD around 1.2070, and again around 1.2020
- Sell USD/CHF around 1.2810, and again around 1.2870.
For more ideas send me an email, [email protected]
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