| Global Interest Rates | |||
 Australia |
7.25% | ||
 Canada |
3.5% | ||
 EMU |
4% | ||
 Japan |
0.5% | ||
 Swiss |
2.75% | ||
 England |
5% | ||
 US |
2.25% | ||
Forexperts
Weak U.S. Economic Data Still a Concern
Commodity Trading Advisor registered with the National Futures Association
Unless there is overwhelming news supporting either the Euro or the Dollar, continue to look for range-bound trading.
Technically, the charts indicate that the Euro could break out to the upside on a trade through 1.5595 with 1.5720 a possible target. The downside is vulnerable on a break of 1.5283 with 1.5220 the possible target.
Technical Buying Supports the Pound
Technical buyers are supporting the GBPUSD at current levels in front of three major bottoms at 1.9360, 1.9336 and 1.9181. Wednesdays reversal up indicated some profit-taking. Todays follow through to the upside indicates light short-covering.
The Pound may encounter some selling pressure following the first test of 1.9518. A breakout of this level is likely to meet new sellers at 1.9667.
The trend is down, the economy weak and the Bank of England may lower interest rates again. These factors suggest more downside pressure is likely. Wait to sell rallies.
Equity Traders Sell Swiss to Buy Dollars
With traders apparently shifting their strategy from selling Yen to buying equities, the USDCHF rose slightly as traders bought Dollars and sold Swiss to fuel their risk appetite need.
The trading action on Thursday has put the market in a position to reaffirm the uptrend on a breakout over 1.0625. A close over 1.0630 will indicate further strength with a possible upside target of 1.0865.
USDCAD Still Range-bound
Dollar Plunges on Surge in Crude Oil Aug 21, 2008 6:42PM- USD Slumps as Oil Spikes Aug 21, 2008 3:32PM
- Daily currency analysis - Aug 21 Aug 21, 2008 12:00PM
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