Tuesday April 25, 2006 - 22:57:23 GMT
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Tricom Futures and Foreign Exchange -
Forex: What will save the USD this time??
The dollar slipped to seven-month lows against the euro on Tuesday after comments from European Central Bank officials left open the possibility
that euro zone interest rates could meet or even exceed market expectations. ECB executive board member Jose Manuel Gonzalez-Paramo left
open the possibility on Monday that the pace of policy tightening by the central bank could increase.
Earlier on Tuesday, ECB Vice President Lucas Papademos for the first time acknowledged that interest rates might be increased at least twice more this year.
U.S. consumer confidence reached its highest level in four years in April by rising 2.1 points to 109.6 from the revised 107.5 in March
Sales of existing homes rose unexpectedly by 0.3% in March to a seasonally adjusted annual rate of 6.92 million.
The dollar is on its own now ... yields and stocks have gone their own way, and now the dollar will too. The EUR/USD and USD/CHF continue to converge.
Monitor these 2 crosses as we appraoch 1.2500. Should they crossover, then we can expect the USD's slide to accelerate, and 1.3000 could again be a
possibility for the EUR/USD.
Today's Economic Release:
US: Durable Goods
US: New Home Sales
US: Beige Book
Today's Top Trades
- Buy EUR/USD around 1.2410, with stops under 1.2365
For more ideas send me an email, [email protected]
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