Yesterday was a crazy day indeed, some strong moves on many pairs as we had expected. However our forecast had a bit of a turmoil as instead of weakening the US dollar went on a very strong spell making all the pairs to go in the opposite direction to what was predicted. Some pairs even punched through our blue walls! Only the EUR/JPY behaved close to what we had thought as Japanese yen continued to weaken as we had predicted. Today we could be in for some moves on US dollar, Swiss franc and Japanese yen as there are many fundamental items due to come out through the course of the day. US dollar could be letting out some steam today after the strong moves yesterday hence we could see a weak US dollar and Japanese yen could continue it’s weak spell. Not adding any hedged pairs to offset the trading risk.
Forecasts Outlook
US dollar: Weak
Today we're expecting the EUR/USD to proceed Long above the barrier levels of 1.39031 and 1.39326.
Fundamental Watch
- BOJ Gov Kuroda Speaks
- Libor Rate
- SNB Monetary Policy Assessment
- Unemployment Claims
- Existing Home Sales
- Philly Fed Manufacturing IndexEUR/USD Chart" title="EUR/USD Chart" width="441" height="587">