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Today's Forex Market Outlook

Fri, Jun 26 2009, 09:32 GMT
by Matt James

Advanced Currency FX

U S Stocks rallied yesterday up over 2% giving the lift for the risks, having had the dollar strengthen during the European session this morning. Oil stocks said to be assisting in the gains where it is at $70.90 at time of writing. Stocks in Europe this morning up, having now paired its gains allowing the dollar to retrace back from the highs of 1.65 for cable and 1.4062 for eurodollar. Should U.S stocks continue to follow yesterdays lead and gain further, expect the dollar to weaken. Conversely, a fall today would give the greenback a lift, albeit oil seems to be acting as a 'haven', look for a return to $75 - 80 per barrel over the coming sessions.

For cable today, house prices in the UK will influence the trade along with the sell off of eur/gbp. Strengthening this morning as European stocks rally, heading towards the 1.65 level at time of writing which if breaks and holds along with stock and oil gains expect a move to 1.6515/20 and 1.66. Should stocks in the states fall off or the barrier of 1.65 not broken, expect a retracement back to 1.6430 then 1.64 (38.2% ret over last 2 days).

Eurodollar trading this morning higher as with cable due to the European stocks and oil increases. Finding it difficult to break the 1.4060 level, at 1.4046 at time of writing. Demand seen at 1.40, onto 1.3980 (50% ret level for the week). Look for the impact on eur/gbp from house price data in order to give direction, along with US stock price pre market trading. Should stocks and oil continue to trade higher in the afternoon, expect the Euro to push towards 1.4060 and 1.41( 61.8% for the month)

Published on  Fri, Jun 26 2009, 09:32 GMT