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Daily Trading Forecast
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Watch Out for Today's U.S. Employment Figures
Fri, Sep 5 2008, 10:24 GMT
by Swiss e Trade Strategy Team
The dovish remarks by the ECB president yesterday were taken as confirmation for the market’s credo: Eurozone interest rates might possibly weaken by year end, further closing the gap to U.S. rates, where the possibility of a rise increases with an economy hopefully gaining again soon. The dollar gained further ground on that, only pausing in early European trading to catch its breath.
Today`s release of U.S. employment figures might strengthen the dollar further. Expectations call for an unchanged rate for the unemployment rate for August, and a further decrease in nonfarm payrolls (both at 14:30 CET).
Intraday Market Outlook for Day Traders
EUR / USD
The euro rebounded somewhat against the dollar in late Asian trading, only to fall back near the support zone at 1.4200 and is currently trading at 1.4240. We expect the 1.4200 level to hold in today’s trading and see an upper limit for corrections at 1.4350.
GBP / USD
The pound is just in another upward correction in its long bear market against the dollar and is currently trading at 1.7640. We see it trading today near resistance at 1.7700 before further pressure can set in.
USD / CHF
This pair, currently trading at 1.1140, will probably try to break its recent highs at 1.1170 in the coming trading hours. Before that, we expect it to fall back somewhat, hitting 1.1120.
USD / JPY
The dollar weakened further against the yen and is currently trading at 106.44, reflecting more unwinding of the carry trades. We see that development fading before the weekend in today’s trading but have no forecast beyond the 107.00 level for possible upmoves.
Published on Fri, Sep 5 2008, 10:27 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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.