eToro – Forex Trading Forum

[BlueinGreen]

Hey traders

The straight “up move” of the dollar had encountered a correction yesterday, especially against the YEN.
The Yen was also very strong against other pairs like EURJPY which had an extremely sharp move down from 164 to around 162.

The reason for this sudden Yen buying is probably more concerns over the current credit crisis, and the losses that may follow it. The market saw investors bailing out of risky trades (like stocks), positioning the yen for its largest daily gain against the U.S. dollar in nine weeks, while sterling fell across the board.

Concerning EURUSD, which had a run of 300 pips down from may 27 to may 30. It is now consolidating between 1.5500 and 1.5580 for the last two days as the market awaits stronger signals to point its direction.
I see the 1.5600 level as the critical one, as long as we are under it, the current dollar strength nay continue to push EURUSD down.

Main events for today include the Fed’s Chairman Bernanke Speak

I will write a post explaining about those speeches on the “sharing the trading experience” forum later on today.


6:45am GMT
CHF- CPI m/m (Forecast: 0.4% Previous 0.8%)

(Time not released yet)
GBP-Halifax House Price Index m/m (Forecast: -1.1% Previous -1.3%)

2:00pm GMT
USD - Fed Chairman Bernanke Speaks

3:00pm GMT
USD- Factory Orders m/m (Forecast: 0.0% Previous 1.3%)


Happy trading

[mrsly6]

ty for the snap shot of news i missed most of it working i noticed the volitility of market especially eur/usd and gbp/usd. only moderate thing to happen was gbp/eur rose towards end of week and my long on eur/usd did .rest was not to good .