Monday April 10, 2006 - 03:34:07 GMT
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Tricom Futures and Foreign Exchange -
Forex: Will the Easter Bunny be good to the USD Bulls or Bears this week?
USD rose sharply Friday after a boost from solid payroll report added to previous day's gains that followed dovish comments from ECB president Trichet; data showed U.S.
economy created 211,000 jobs in March vs expected 200,000, while unemployment rate fell to nearly 5-year lows at 4.7%.
Early trade today has seen the USD come off slightly, but for the most part, trade has been choppy.
Gold and Silver have opened up firmer today, on the back of stronger copper and crude oil.
The economic calendar appears a little light on to start the week. The highlight will be Wednesday's US Trade data, Japanese Current Account. With the Easter break starting on Friday, i'd be looking for the markets to remain fairly rangebound, with a bias towards the USD remaining well bid.
Gold continues to knock on the US$600 door, while Silver should find some resistance around 12.35. On the downside, Gold will have immediatte support around US$585-587, and Silver at US$11.19-22.
Today's Economic Release:
Today's Top Trades
- Buy USD/CHF around 1.2960-70, with stops under 1.2930
- Sell GBP/USD around 1.7445, with stops above 1.7485
For more ideas send me an email, [email protected]
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