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Daily Trading Forecast
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Uncertainty Prevails amidst USD / EUR Interest Rate Discussion
Wed, Jun 11 2008, 10:39 GMT
by Swiss e Trade Strategy Team
The present unclear picture emerged in today’s early European trading with the EUR behaving controversially after data hint that inflation in the Eurozone is still moving higher. What’s more, the much-debated interest rate question reveals nothing at all about who will raise interest rates sooner and faster to fight inflation - the U.S. or the Eurozone. A fact is that the U.S. has more upward interest rate potential from the present much lower levels than the Euro, but that is all we have right now. And this stands against the still prevailing gloom of disturbed credit markets and an ailing economy.
The technical view advocates standing at the sidelines until more clarity emerges, as outlined below. Watch the market’s action following several speeches by both ECB and U.S. Fed members today, all between 15:30 and 17:00 CET. And since everyone is snooping for any hints today, even the weekly U.S. oil market EIA report (16:30 CET) and the U.S. Treasury budget for May 2008 (20:00 CET) could have market influence.
Intraday Market Outlook for Day Traders
EUR / USD
The rapid gains in the EUR / USD evaported quickly and went down to 1.5453, then recovered to its current trading level of 1.5492. We are waiting to see if the important support zone between 1.5450 and 1.5400 is broken in order to gain a clearer picture. We don’t expect this to happen today
GBP / USD
In the GBP / USD, currently trading at 1.9570, there is also a question of whether the downtrend will continue because support at 1.9490 must definitely be broken to confirm that the downtrend is continuing. Stand aside for today.
USD / CHF
The USD / CHF has recovered again to its still-valid resistance zone between current prices at 1.0390 and 1.0550. We do not see sufficient market movement for a tradeable position today.
USD / JPY
After a steep rise, the USD / JPY is currently trading at 107.40. We expect at least a consolidation on this level, but have no specific forecast.
Published on Wed, Jun 11 2008, 10:41 GMT
Archive
- Misinterpreting the Fed's Remarks
Published On Mon, Nov 23 2009, 11:25 GMT - USD Still Caught in Narrow Ranges
Published On Fri, Nov 20 2009, 11:19 GMT - EUR: A Confirmation Signal for the Uptrend
Published On Thu, Nov 19 2009, 10:38 GMT - No Longer the Right Words: "Risk Appetite"
Published On Wed, Nov 18 2009, 11:23 GMT - Euro Attacks on Resistance vs. Dollar More Reluctant Now
Published On Tue, Nov 17 2009, 10:51 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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