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Rate decisions around the Globe will set the trend - EUR/USD Briefing
By: ACM Advanced Currency Markets - 08-05-2007
0votesWe are upon a week that will have big ups and downs for EUR/USD; mainly due to the fundamental side of trading. We’ll begin on Monday with the BoJ rate decision. We expect them to keep the rate unchanged but it will be very important to keep an eye on what the Bank Governor says on the press conference. Tuesday will show us numbers for Wholesales Sales. Wednesday is going to be important because we get Trade Balance, Current Account and finally we get the FOMC announcement regarding the interest rate. We also expect this rate to remain unchanged but the USD needs to hear a hawkish Bernanke to fight euro bulls and get the pair to lower levels. Thursday will also be critical to the following week’s trend, we have and BOE that seems to be raising interest rates this week and ECB that, although is not likely, could get influenced by London and consider raising the rate as well. We expect to see rates unchanged for Euro zone but Trichet could speak on the current price of EUR/USD and EUR/JPY hitting numbers on Exports keep an eye on this press conference because it could be a big market mover. Thursday will also show us numbers for Import Price Index and Trade Balance for the US. Finally on Friday we get retail sales for the US.
On the technical side we see things pretty stable. They look as if they were getting ready for a move to the upside. We believe that by Wednesday, EUR/USD will have reached the weekly high around 1.3670 and then will bounce back below 1.3500 to finish the week around 1.3530.
In a week in which we have several important releases on the fundamental side, the most important thing will be to be pertinent and to focus on relevant releases. Try to anticipate the moves and be careful with the possibility of having a buy the rumor sell the fact on Wednesday before the FOMC announcement.
Next Analysis: EUR/USD will be quiet this weekContent Provided by:
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