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FX Levels for Today December 2, 2008

Tue, Dec 2 2008, 04:54 GMT
by Abdul Khan

Income Generation Strategies


Overview

As expected, the markets turned overnight, however i didnt expect such a sharp turn. We can expect this panic to extend into today before we see a mid-week turn-around leading into US employment on Friday.

The Dollar Index futures contract will struggle to regain the 88 handle in this current bounce. A break under 84.50 would turn sentiment bearish towards the greenback.

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.

Data for Today

EU: PPI

US: Consumer Confidence

Trades for Today

EUR: Buy dips towards 1.2530 today. I think we'll see a dip today before a bounce

AUD: Good longer-term buying opportunity in the low 0.6300's

Silver: Will run into sellers around 9.60 today. Im expecting a retest of $9 in coming days

Gold: I'm happy to hold my longs in this pullback, with the view to adding if we see the mid $750's


Archive

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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