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i am writing ahead of the usual timing today as i am leaving the country in an hour’s time. However i will try to log on around the usual timing during the next few days to continue with my usual articles.
The EUR/USD is bounded rather tightly currently as markets are hesitant about any developments ahead of the US building permit release and the ongoing problems with Dubai / Greece.
Today i am featuring gold instead of S&P 500 as the market is not open yet. Besides that i noticed something that i will like to share.
Notice how gold seems to be climbing. We know that gold is priced in US Dollars and hence now that the US Dollar is rising, we should see gold dropping. However the reverse is happening. This suggests demand for gold and inevitably suggests that the market may be bracing for some rough waters ahead. Do read my article on gold and the economy to understand this more.
Oil is now at $73+. Nothing new there.
I mentioned previously that we have major news releases ahead and any of these may produce unexpected spikes. Up next will be the likes of US building permit / Core CPI and Federal Funds Rate.
Please wear your money management hats.
Bullish relief may target 1.4600/20 while bearish strength may bring us down under 1.4520 towards 1.4480. 1.4520 is turning out to be quite a support so far.
Alright. This is it. I am off. Watch out for my articles +/- the usual timing ya? You may want to follow me on twitter for updates when it is released.
Trade safe and i’ll see you soon.
Read more Forex Articles and Views by The Koala at www.thegeekknows.com