Tuesday February 28, 2006 - 06:17:01 GMT
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Tricom Futures and Foreign Exchange -
Forex: Does anyone remember what a trending market looks like???
The US dollar was trading firmer against the major currencies, but is expected to remain under pressure against the yen as markets prepare for a likely rise in Japan's cash rate.
The US dollar was rangebound overnight, while the yen traded to the lower end of the cross as the Japanese government stopped publicly pressuring the Bank of Japan to delay an end to its quantitative easing policy.
The euro remains range bound between 118.50-1.1975 usd, with expectations of an European Central Bank interest rate increase on Thursday balanced by the anticipation of further US Federal Reserve rate hikes.
Tonight's key US data releases include the second estimate of December quarter gross domestic product, where a stronger 1.5 pct annualized growth rate is forecast from the advanced estimate of 1.1 pct.
The market remains trapped within current ranges, as the interest rate tug-of-war continues. I can see this range bound trading ending when the US finally suggest that their hiking cycle has eneded, or is about to conclude.
Today's Economic Release:
US: Consumer Sentiment
US: Chicago PMI
US: Existing Home Sales
Today's Top Trades
- Buy GBP/USD on a break above 1.7455
For more ideas send me an email, [email protected]
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