Tuesday March 21, 2006 - 07:51:23 GMT
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Tricom Futures and Foreign Exchange -
Forex: The Euro fails to go on with it.....Again
The US dollar was trading slightly higher against the euro and yen following a balanced speech by Federal Reserve chairman Ben Bernanke. Speaking in the US, Bernanke's speech on the yield curve and monetary policy gave little direct indication of future US monetary policy.
The central banker reaffirmed that future data are critical to formulating information on the growth and inflation outlook for the US economy in framing its policy decisions.
Trading was otherwise very quiet because of the Japanese holiday with the US dollar failing to show much reaction to Bernanke's speech.
As expected, Bernanke gave little away, and also avoided saying anything that maybe negative for the USD. The Euro's failure to break above 1.2180, now suggests the USD could move higher sometime today. Traders will watch today's PPI data closely, but the market rarely moves too far on this figure.
I think we can look to buy the USD today, and/or sell GBP and EUR.
Today's Economic Release:
Today's Top Trades
- Buy USD/CHF around 1.2930, with stops under 1.2885
- Sell EUR/USD around 1.2140-45, with stops above 1.2190
For more ideas send me an email, [email protected]
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