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FX Levels for Today December 2, 2008
Tue, Dec 2 2008, 04:54 GMT
by Abdul Khan
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
Published on Tue, Dec 2 2008, 05:00 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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