Thursday April 26, 2007 - 12:39:50 GMT
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Black Swan Capital - www.blackswantrading.com
Close but no cigar!
â€śEverything that goes up must come down. But there comes a time when not everything that's down can come up.â€ť
FX Trading â€“ Close but no cigar!
Yesterday we said the market had the feel of either a blow-off rally in the European currencies or was setup for some type of significant dollar correction. Yesterday, the euro came within 5-pips of its all-time high, as you can see in the chart below:
EURUSD Chart Showing Dec '04 high 5 pips above yesterday...
There is plenty of dollar doom and gloom to go around out there, suggesting the stage may be set for a turn in the buck because we know markets have a special way of dealing with one-way bets.
What would be the driverâ€”or the surprise that could launch a significant dollar correction? A surprisingly strong U.S. GDP report for the first quarter might just do the trick. Yesterdayâ€™s Fed Beige Book wasnâ€™t as bad as expected, and neither were new home sales.
U.S. GDP is due out at 8:30 a.m. EST tomorrowâ€”stay tuned!
Black Swan Capital
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