Blog

Week of August 1, 2008-European Session

The EURUSD saw whipsaw price action yesterday as weaker than exected US jobless claims sent the USD initially lower, but this was short lived as soon afterwards Eurozone economic outlook was released forecasting negative EZ GDP for Q3 which sent the Euro broadly lower and a stronger US dollar on the day. Today’s US non-farm payrolls report is expected to show a modest decline of -75k, but Wednesday’s ADP report came in at +9k versus the expected -58k, so, a headline number today near expectations or better will see the US dollar gain, assuming there are no prior downward revisions. EURUSD downside targets are 1.5459 followed by the June 13th low at 1.5302. To the upside, a sustained break above 1.5606 will see the EURUSD continue to move higher with 1.5624 and 1.5642 as nearterm upside targets.

  • Posted by adminfx
  • On August 1, 2008
  • 0 Comments
  • 0 likes

0 Comments

Leave Reply

Your email address will not be published. Required fields are marked *

*Disclaimer: Any and all opinions, commentary, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice nor a solicitation and there are no guarantees associated with them. We are not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. We have taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice.

Foreign Exchange market (FX, Forex) is very speculative in nature, involves considerable risk and is not appropriate for all investors. Therefore, before deciding to participate in off-exchange Foreign Exchange trading/Forex, you should carefully consider your investment objectives, level of experience and risk appetite. Investors should only use risk or surplus capital when trading Forex because there is always the risk of substantial loss. Most importantly, do not invest money you cannot afford to lose. Any mention of past performance is not indicative of future results. Account access, trade executions and system response may be adversely affected by market conditions, quote delays, system performance and other factors.

Commodity Futures Trading Commission: Futures, Options and foreign currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex/futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell Forex/futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. CURRENCY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.