Tuesday January 17, 2006 - 05:19:25 GMT
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Tricom Futures and Foreign Exchange -
Forex: The USD again finds favour, as the EUR fails again at 1.2180
The US dollar was trading firmer against the major currency pairs early today, and is likely to be supported higher as speculative selling reverses on profit taking in the euro and yen.
The US dollar was bought overnight on thin trading as US markets were closed for the Martin Luther King holiday, particularly against the yen after a sharp 1.1 pct fall in the Nikkei stock market on Monday
Traders will closely watch US industrial production and capacity utilization data for December which are due for release tonight. Industrial production is forecast to rise 0.6 pct after a 0.7 pct increase in November, while capacity utilization is expected to rise to 80.5 pct in December from 80.2 pct.
As I mentioned above, the market appears keen to buy USD for the moment, as the ECB fails to offer any hawkish comments to support the EUR, and a lack of Euro economic data leads the market to lose favour for the single currency.
Today's Economic Release:
US: Empire State Manufacturing Index
US: Capacity Utilisation
US: Industrial Production
Today's Top Trades
- Sell EUR/USD around 1.2140-50, with stops above 1.2175
- Buy EUR/CHF around 1.5480, with stops under 1.5450
For more ideas send me an email, email@example.com
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