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FX Levels for Today August 29
Fri, Aug 29 2008, 01:48 GMT
by Abdul Khan
Overview
The USD firmed overnight, on the back of stronger than expected GDP data. The data also helped US stocks to firm.
The data has helped to underline the recent sentiment in the market towards the US economy nearing the end of the credit crisis, while the rest of the world apeears to be lagging behind. As expected, the EUR was unable to remain the upside move following comments hawkish comments from an ECB official on Tuesday. The Dollar Index looks set for another crack above 78.00 today, and it would not surprise me to see the December futures contract close above this critical level at the end of the NY session today.
Crude oil lost ground overnight, and remains trapped in the $110-120 range. Assuming geo-political factors do not play any major role, I would look to crude oil continuing to trade this range through to the end of the year.
Gold and silver firmed early, but then lost ground in the NY session on the back of the USD strength, and weakness in crude. I think this softness in the metals will continue today, pushing gold back into the mid 820's and silver back to around 13.50.
Data for today
EU: CPI
EU: Consumer Confidence
US: PCE Deflator
US: Personal Income and Consumption
US: Chicago Purchasing Manager's Index
US: Univ. of Michigan Consumer Confidence
For today:
EUR: Sell moves towards 1.4750
Gold: Sell moves towards 837, and/or buy dips to 823
JPY: Sell strength towards 110.00
Published on Fri, Aug 29 2008, 01:57 GMT
Archive
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Income Generation Strategies
| Level 26, Waterfront Pl. 1 Eagle Street, Brisbane, Qld. 4001
http://www.incomegenerationstrategy.com/ | abdul.khan@tricom.com.au
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