Friday March 31, 2006 - 07:38:09 GMT
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Tricom Futures and Foreign Exchange -
Forex: A week of whippy trading comes to an end
The US dollar was trading firmer against other major currencies early today, probably more a case of short-covering following the overnight slide.
The euro fell back on profit-taking after it had risen sharply overnight on talk that foreign central banks are looking at diversifying their foreign exchange reserves in favor of the euro.
The market will want to see if the US data adds or not to expectations that the Fed will soon halt its rate hike cycle.
It's been a whippy week, and a week where you had to take 40-50 pip winners, rather than try and hold on for a larger move. I guess an absence of data has left the market confused as to where we should move next (stronger/weaker USD).
Today's Economic Release:
US: Personal Income and Consumption
US: Michigan Consumer Sentiment
US: Chicago PMI
Today's Top Trades
- Sell USD/CAD around 1.1640, with stops above 1.1690
For more ideas send me an email, [email protected]
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