Currency Snapshot
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Batten Down the Hatches – It should be a wild one!
Thu, Jul 3 2008, 13:19 GMT
by Jack Crooks
First, the European Central Bank is set to announce their latest interest rate decision very shortly. Second, US Non‐farm payrolls are reported 45 minutes after that.
Expectations:
The ECB hikes by 25 basis points and moves to a more neutral tone with monetary policy.
US Non‐farm Payrolls, in the wake of yesterday’s poor ADP numbers, has the potential to severely disappoint with worse‐than‐expected numbers.
So where does the dollar stand ahead of all this? Not very comfortably at key support:
If today’s tag‐team combination pushes the US dollar index convincingly below the upward‐sloping channel we’ve marked in the chart above … well …. let’s just say recent history hasn’t served the dollar kindly after a break like this.
We’ll learn a lot about dollar sentiment when the dust settles today.
Regards,
Black Swan Capital
Published on Thu, Jul 3 2008, 13:24 GMT
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