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Good day forex trading koalas!
Today is the start of the new trading week and as usual, let’s finish it green
Last Friday saw the US NFP soaring to the topside due to the worse than expected data. Folks were probably concerned about the robustness of the US economy and sought to exit their US dollar positions. I also mentioned in the EUR/USD Weekly Review that the media seems to be shifting their bashing towards the US economy. Caution is advised.
Looking at the EUR/USD chart above, we can see that the 1.3285 line exerted influence on the currency pair. Yes. I love it when my chart works! So should you !!
The S&P 500 is currently at 1120+. No sign of adverse problems.
Oil remains above $80. If this holds, we may be seeing a new phrase of recover as oil can be a clue to the global economy at times.
Gold is higher at $1205+. This may be due to the weaker US Dollar and also risk aversion from the disappointing US NFP last week.
The EUR/USD was largely range bounded until it slipped lower hours earlier. Having said so, there was no major moves as the market is probably waiting for the FED announcement on the decision on economic stimulus. Reports are speculating that should another round of quantitative easing occurs, the US dollar may further weaken.
In the meanwhile, reports continue to comment on the positive outlook of the Euro Zone. Talks about the worst being over for the Euro Zone crisis were seen. Since the low of the crisis, the European equities and the Euro has risen a fair bit. The apparently good outcome of the Euro Zone bank stress test results probably contributed to the positivity.
The rule of the weaker market applies.
Economic data such as the French Industrial Production is due tomorrow. Not forgetting the Fed announcement, proper money management is advised.
Dear forex koalas, as you know, my crazy work swamps me so much at times that i do not even get to have my evening eucalyptus snack! I was thinking to myself hmmmmm how do i get out small updates should i not have the time to spare for a full review.
TADA ! email
( While twitter is good for announcing new reviews, i am not fond of using it for mini updates as the timeline nature may bury the update under the ocean of tweets! )
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