eToro – Forex Trading Forum

[BlueinGreen]

Hi all,

Yesterday was pretty hectic in the market. During the ECB Press conference Jean-Claude Trichet ( the President of the ECB) said the European economy is weak!
that was enough to trigger EUR selling, Pushing EUR pairs considerably down.
The EURUSD has bottomed (for now) at 1.4212 and the EURUJPY at 150.54

the interesting thing is the strengthening of the Yen against major currencies like the dollar and the AUD. notice that the AUDJPY is trading at a major support level on the daily chart- as it had a sharp move of more than 500 pips down yesterday ( from 91 to 85.87). the USDJPY has also moved considerably down under 106.

The first reason that comes to mind concerning this Yen strengthening move is – risk avoidance-
Investors who have placed trades on carry baskets ( pairs like AUDUSD, AUDJPY, ) for the high yielding interest, are now running away from these trades as concerns for global economic recession raise.

Basically the carry trade does not exist right now, but i keep wondering when will the prices start to look attractive enough for traders to regain their appetite and re-enter high yielding positions once again ?

Main events today

7:50am EUR ECB President Trichet Speaks

11:00am EUR German Industrial Production m/m: Forecast -0.5% Previous 0.2%

12:00pm CAD Employment Change : Forecast 9.0K Previous -55.2K

12:00pm CAD Unemployment Rate: Forecast 6.2% Previous 6.1%

1:30pm USD Non-Farm Employment Change : Forecast -73K Previous -51K

1:30pm USD Unemployment Rate: Forecast 5.7% Previous 5.7&

3:00pm CAD Ivey PMI : Forecast 61.7K Previous 65.5

Happy Trading

[yankoagaie]

Hello to all,
I am new to the Forum, please can some one let me know if the timings are on GMT?

[BlueinGreen]

Hello to all,
I am new to the Forum, please can some one let me know if the timings are on GMT?

hi yankoagaie,
welcome to the forum

yes the events are in GMT time

use this website to find out whats the current GMT time
http://wwp.greenwichmeantime.com/