The USD has had a steady last 24 hours as it holds above a 13 year low against the Yen and below a record low versus the Euro. However the US currency is seen as very vulnerable to more declines as worries about the US financial system continue to fester. Currently the Fed's interest rate decision due later today is holding market focus and the market expects a full one per cent cut. However the the markets may well be disappointed as the Fed may try to hold back the depth of the reduction otherwise it will have little to play with in the future. Also today we have significant quarterly earnings announcements from US investment banks Goldman Sachs and Leman Brothers . Possible intervention fears also concerning traders but although we are sure the G7 members are talking we doubt if they see the timing as right just now. Keeping Trend discipline but not greedy with profits.
Join the Discussion