Wednesday April 12, 2006 - 00:37:55 GMT
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Tricom Futures and Foreign Exchange -
Forex: The Iran Issue's set to Escalate
The USD generally continued lower overnight, with AUD pushing up toward the mid 0.73s, EUR just above the mid 1.21s and USD/JPY back down to 118.20. Note that the AUD crosses ran out of a bit of steam by late trade, easing off their highs, while the AUD held on to most of its gains vs the USD. Overall flow last night in most currencies was two way, in particular in USD/JPY and AUD/USD. In EUR we continue to see semi-official type interest to buy on dips, but other than that it looks as though the market is just waiting for the US trade data due tonight.
US crude futures found a high of US$69.25 per barrel on increasingly concerns over Iran's nuclear work. Former Iranian President Akbar Hashemi Rafsanjani said on Tuesday that Iran is producing enriched uranium, which the United States and other nations fear will be used to make nuclear weapons. Supply/demand conditions continue to support prices; supply still not a full capacity after the US hurricanes and global demand remains strong for both oil and gasoline.
US Trade due out tonight, but with Jewish Passover starting today, and the Easter break starting tomorrow, look for volumes to fall away.
Keep an eye on the metals to give back some of their recent gains, as traders look to lock in profits ahead of the holidays.
Today's Economic Release:
Today's Top Trades
- Buy GBP/USD around 1.7475, with stops under 1.7435
- Buy AUD/USD around 0.7320, with stops under 0.7265
For more ideas send me an email, [email protected]
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