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This report has been deactivated

FX Levels for Today November 10, 2008

Mon, Nov 10 2008, 03:12 GMT
by Abdul Khan

Income Generation Strategies  |  View company's profile


Overview

The USD softness from Friday has continued in early Asian trade today.

Rather than focusing on Friday's NFP report, the markets have been buoyed by news of a $600Bln stimulus package from China, and hopes that AIG may have some good news soon regarding its woes. Asian stocks are higher, along with crude oil, and EUR and AUD as traders look for a bit more risk, but this could be very short-lived.

Quite possibly, we may see traders use this pop-up today as an opportunity to establish fresh shorts, or look to buy the pullback in the USD looking for a move back up towards 90.00 in the Dollar Index.

Earlier today, the RBA came out with as expected dovish comments regarding the Australian economy. The AUD pulled back slightly, but then moved back above 0.6900 on widespread USD weakness.

Data for Today

GER: CPI

UK: PPI

Trades for Today

EUR: Buy dips to 1.2830

AUD/NZD: Buy dips towards 1.1380

Gold: Buy dips to 740


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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