Thursday January 19, 2006 - 05:34:25 GMT
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Tricom Futures and Foreign Exchange -
Forex: These days, a long-term view means looking 24 hours ahead
The US dollar was trading mixed against the major currency pairs early today, but is expected to trade around current levels as investor appetite falls for equities and other assets. The US dollar fell modestly overnight in volatile trading, with most focus on the headline US consumer price index data for December falling slightly from market expectations of a modest rise.
US headline CPI for December fell 0.1 pct following a 0.6 pct fall in November but the data was below market expectations of a modest 0.2 pct rise.
The Federal Reserve's Beige Book noted the economy kept growing in late November and December with moderate wages growth and stable retail prices.
This market is just bubbling along, and on the verge of breaking out. Which way is the big question. And unfortunately, I don't have the answer. Also, I don't think it's going to be a clean break, but rather just move into a new trading range. We have alot of EU data out today, nothing of much consequence, but sure to keep the EUR chopping around between 1.2070-1.2130.
Today's Economic Release:
US: Weekly Jobless Claims
US: Housing Starts
US: Philly Fed
Today's Top Trades
- Buy EUR/USD around 1.2070, with stops under 1.2020. Alternatively, buy a break above 1.2180
For more ideas send me an email, firstname.lastname@example.org
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