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Currency Currents
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Currency Currents
Thu, Jul 3 2008, 15:08 GMT
Batten Down the Hatches – It should be a wild one!
First, the European Central Bank is set to announce their latest interest rate decision very shortly. Second, US Non-farm payrolls are reported 45 minutes after that.
Expectations:
The ECB hikes by 25 basis points and moves to a more neutral tone with monetary policy.
US Non-farm Payrolls, in the wake of yesterday’s poor ADP numbers, has the potential to severely disappoint with worse-than-expected numbers.
So where does the dollar stand ahead of all this? Not very comfortably at key support:
If today’s tag-team combination pushes the US dollar index convincingly below the upward-sloping channel we’ve marked in the chart above … well …. let’s just say recent history hasn’t served the dollar kindly after a break like this.
We’ll learn a lot about dollar sentiment when the dust settles today.
Regards,
Black Swan Capital
Published on Thu, Jul 3 2008, 15:11 GMT
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Black Swan Capital LLC
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