Tuesday April 11, 2006 - 04:58:03 GMT
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Tricom Futures and Foreign Exchange -
Forex: Copper and Oil take centre stage, and drag Gold and Silver along
Overnight, the FX market was relatively quiet, the USD remains well supported as traders look for the Fed to raise rates atleast twice more this year.
Eslewhere, GBP/USD firmed up early on further talk of M&A, while the EUR/USD remains capped following last week's comments from Trichet warning the market to get ahead of itself in terms of anticipating future rate hikes.
The market is now waiting on the BOJ's decision following a 2-day meeting today, with no major policy change expected. Most players a tipping a rate hike in July or August, with talk of 2 hikes in 2006, and 2 more next year.
Tomorrow's US Trade data is the stand-out economic number for the week, expecting US$67Bln. with most traders expecting the USD to remain bid, irrespective of the number.
Gold has broken above US$600 in early trade today, and will now be well supported around US$598.
Silver meanwhile, will be well bid around US$12.80, with good support around 12.70. Just be wary coming into the Easter break, with some longs looking to close out their positions ahead of the weekend, we may see a slide back towards 12.60.
Today's Economic Release:
Today's Top Trades
- Buy AUD/USD around 0.7300, with stops under 0.7250
For more ideas send me an email, [email protected]
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