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FX Daily Update
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US Markets Are Closed But Dollar Looks Open For More Gains…
Tue, Nov 11 2008, 11:35 GMT
by Lena Manousarides
FXstreet.com Independent Analyst Team
The positive market sentiment seemed to fade away and the gains we saw printed yesterday were almost gone by this morning. Asian stocks dropped and the same happened to the European markets today. The risk aversion came back once again, after banks and companies declared losses and trader’s fear and uncertainty for the economic future resurfaced.
EUR/USD is trading on the downside once again and the slightly better than expected ZEW numbers we had this morning didn’t seem to give euro another push. Euro seems to be weak and some statements from ECB members as well as Trichet regarding further easing in December may be influencing the single currency for now. The bank said that they worry about deflation in the Euro area and therefore cutting rates might be the only way to go.
Today’s calendar is empty apart from the economic data we had out of Europe and let’s not forget that US markets are closed due to Veterans Day. The activity is already contained and traders are taking it easy today as the prospect of a closed US market does not seem lucrative for meaningful positions. However, the thin conditions might allow extreme moves as we have seen in the past and especially in such a fragile environment that anything is possible!
The fact that oil continue to drop towards $60 per barrel shows that the global recession worries are always in traders’ minds and markets are far from ready to start gaining at this point. One thing is for sure that until we see some kind of stabilization in global markets, the dollar will be the currency of choice for traders and although US economic data are really disappointing and economic conditions are deteriorating the greenback may continue to rise.
Let’s see how the rest of the day will go and how traders will react in the absence of US markets later today. The best way for traders might be to stay aside on a day that thin liquidity might be the theme and therefore markets can be unpredictable…
Published on Tue, Nov 11 2008, 17:08 GMT
Archive
- Dollar Up Again Thanks to Risk Aversion!
Published On Mon, Jan 12 2009, 15:57 GMT - Crunch Time for the Dollar!
Published On Fri, Jan 9 2009, 12:19 GMT - Dollar Direction May Be Determined this Week!
Published On Wed, Jan 7 2009, 10:56 GMT - New Year Starts with Dollar Strength!
Published On Mon, Jan 5 2009, 12:48 GMT - Dollar Within Tight Ranges Ahead of Christmas…
Published On Tue, Dec 23 2008, 11:10 GMT
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.Related reports
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.