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Rate decision week
By: Nexum Capital Markets - 05-09-2007
0votesAs uncertainty falls behind we expect fundamentals to rule the market
After a couple of weeks where the market was moving a bit erratically we begin to see some stability and as trends begin to receive confirmation from fundamentals. This week begins very calm as the US has a long weekend due to Labor Day. However, releases begin to step up as the week moves on.
Important fundamentals will begin to appear on Wednesday. The first one will be Beige Book; keep an eye on this one as It will give us an inside to the economy and rate cut speculators will be closely watching numbers and we will see this effect directly on the price action. Thursday will be very important due to the rate decisions by the BoE and ECB. It is highly expected to see the BoE maintain the rates unchanged however there is analysts talking about the possibility of a rate hike by ECB or some hawkish comments regarding a future hike on 2007. Finnally, Friday will be an active day as we will get numbers for Trade Balance, Current Account and Non-Farm Payrolls. We expect this numbers to appear a bit negative and the USD will suffer at the end of the week.
On the Technical side we can see that we’ve already touched the first weekly support located at 1.3550, this will probably be our weekly low. We expect the EUR/USD to oscillate between 1.3550 and 1.3715. Take advantage of these opportunities and get in the market when you see the pair below 1.3600. We have the pair in our channels but at the lower side of them so we have space to go further north in our graphs.
Keep an eye on key releases and use the technical side to determine your entry and profit taking points. Focus and be patient and have a great week.
Next Analysis: EUR/USD is getting closer to our yearly predictionContent Provided by:
Nexum Capital Markets
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