Monday January 16, 2006 - 06:46:16 GMT
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Tricom Futures and Foreign Exchange -
Forex: Turn off the screens and go do something else today
The US dollar was trading weaker against the major currency pairs early today, with selling volumes expected to be thin due to the Martin Luther King holiday in the US.
The US dollar slipped in overnight trading on Friday following a subdued US core producer price index data release for December, while comments from European Central Bank president Jean-Claude Trichet added to the currency's weakness.
Speculators are currently holding their largest short US dollar position since early September 2005, reflecting expectations the Federal Reserve is almost done with rate hikes.
US headline PPI for December rose 0.9 pct following a 0.7 pct fall in November and was above market expectations of an 0.4 pct increase
US retail sales for December rose 0.7 after the revised 0.8 pct rise in November, previously estimated at 0.3 pct, and printed below the market consensus of a 0.9 pct rise.
Looking for a slow start to the week with most of the US closed for the holiday today.
I'm happy to sit on the sidelines today, and see how the US comes back tomorrow. With little to trade off today, I can't see the ranges being too conducive to trading today.
Today's Economic Release:
US - Martin Luther King holiday
Today's Top Trades
- Buy EUR/CHF around 1.5470-75, with tight stops under 1.5450
For more ideas send me an email, [email protected]
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