Monday May 29, 2006 - 21:54:25 GMT
Tricom Futures and Foreign Exchange -
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Forex: Another week of Data watching and reacting
Market Recap
In narrow and light holiday dealings, the dollar began the week with a mildly softer tone against most of its major rivals on Monday. Currency trading worldwide was stilled by the close of foreign exchange hubs in New York and London for public holidays, resulting in only sporadic and minor moves for widely-traded currencies. Still, the dollar fell back slightly against most currencies Monday after having rebounded Friday on position-squaring ahead of the U.S. Memorial Day long weekend.
Market Preview
Once full trading resumes Tuesday, markets will focus on the next round of major U.S. data, which culminates in Friday's release of the U.S. May non-farm payrolls report.
Also of interest will be Wednesday's release of minutes from the May 10 U.S. Federal Open Market Committee meeting to see if they conform with growing perceptions that the Fed's last interest rate increase on May 10 will usher in a pause in rate hikes, or hint at another rate rise at the next scheduled rate announcement on June 29.
Market players will also pay close attention to the Conference Board's May consumer confidence index on Tuesday in light of Friday's news that the University of Michigan's final May consumer sentiment index underperformed estimates.
Today's Economic Release:
- Jap: Unemployment
- Jap: Industrial Production
- Aus: Building Approvals
- Aus: Retail Sales
- US: Consumer Confidence
Today's Top Trades
- Buy EUR/USD around 1.2705, with stops under 1.2670
- Sell NZD/JPY around 71.60, with stops above 0.7220
Abdul Khan
For more ideas send me an email,
[email protected]
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