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FX Levels for Today December 1, 2008
Mon, Dec 1 2008, 03:27 GMT
by Abdul Khan
Overview
The new month and week will see the USD regain some of last week's gains, but this just gives us a better opportunity to short it.
The Dollar Index futures contract is trading around 85.60 currently, a break under 84.50 would give us confirmation.
Today, the EUR cold extend its softness to the low 1.2500 area, while the AUD is good buying in the mid 0.6300's.
I think starting over the Xmas/NewYear break, we'll see the EUR lead the recovery. The holiday period tends to see light volumes, exaggerated moves, and stops being triggered unceramoniously. When the market sobers up in late January, we'll see the USD decline accelerate as traders get back into risk, start looking for yield again, and stocks recover on the back of Obama's inauguration.
Precious metals will also recover on the back of the EUR early in 2009.
Data for Today
US: Construction Spending
Trades for Today
EUR: Buy dips towards 1.2530 today. I think we'll see a dip today before a bounce
JPY: Sell strength towards 95.60, stops above 96.10
GBP/JPY: Sell a break below 146.40
Silver: Buy any dips between 9.60-10.00. A break above $11 will trigger a quick move to $13
Gold: Small traders wait to buy dips to 784. Larger traders can establish longs around 805
Published on Mon, Dec 1 2008, 03:40 GMT
Archive
- FX Levels for Today. July 2, 2009
Published On Thu, Jul 2 2009, 01:54 GMT - FX Levels for Today. July 1, 2009
Published On Wed, Jul 1 2009, 03:50 GMT - FX Levels for Today. June 26, 2009
Published On Fri, Jun 26 2009, 01:30 GMT - FX Levels for Today. June 25, 2009
Published On Thu, Jun 25 2009, 04:37 GMT - FX Levels for Today. June 19, 2009
Published On Fri, Jun 19 2009, 02:05 GMT
Income Generation Strategies
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