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We’re all looking at the FOMC - EUR/USD Briefing
By: Nexum Capital Markets - 07-08-2007
0votesLast week we saw the USD loose back some of the space it had covered during the week. Non-Farm Payrolls seem to be the cause of this movement as the correction didn’t reach the expectations of the market. Now, we have a quiet week in which the lack of fundamentals will give high importance to the FOMC meeting.
Monday will be very calm as market players wait for any indication on what to expect on Tuesday’s FOMC meeting. This meeting will be the decisive point of the week as the pair will begin to move in a direction depending on what Ben Bernanke speaks. We saw a very hawkish Trichet last week so the market could be expecting the same from Bernanke. It will be important to keep an eye on any indication of rate cuts this year and how the Fed sees inflation and the housing market. The following days will have marginal movements depending on how the market reacts to what is said on Tuesday’s press conference. The following days, releases like German Trade Balance and Jobless Claims will play a bigger role than what they use to. This is due to the lack of relevant fundamental releases throughout the week
Technical side is pretty calm as the pair reaches “normal” levels. EUR/USD is expected to remain in a tight range during the week and we could see some breakouts during Tuesday during Bernanke’s press meeting.
Next Analysis: Markets moving cautiouslyContent Provided by:
Nexum Capital Markets
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