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More ECB Rate Speculation; Oil Dominates Yen |
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Written by Jason
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Friday, 24 June 2005 |
Heightening expectations of a eurozone rate cut has fueled an assault on the EUR/USD yearly low of 1.2016 during the Asian session taking the pair to 1.1980 before reversing back above 1.20. The trigger was rumoured to be caused by $1 billion worth of options at the 1.20 level. Traders will place close attention today to Trichet's speech regarding "monetary policy in the European Monetary Union" for any signs of a future rate cut.
 ClockworkFX's Daily Forex Insight - June 24, 2005 (83.70 KB)
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Speculation of ECB Rate Cuts & Yuan Revaluation |
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Written by Jason
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Thursday, 23 June 2005 |
Deft traders sold the Euro for the second straight day upon a decline in Italian consumer confidence adding to speculation the ECB will cut interest rates. Further bolstering the idea of an ECB rate cut is a BoE Minutes revelation that two members, Bean and Bell, voted for a rate cut to 4.50% from 4.75%.
 ClockworkFX's Daily Forex Insight - June 23, 2005 (68.17 KB)
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EUR/USD slides on NFP; Future predictions |
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Written by Jason
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Sunday, 05 June 2005 |
The EUR/USD briefly rallied to 1.2340 on knee-jerk buying Friday due to a weaker than expect non-farm payroll number, but then fell to 1.2203 on renewed selling. The 78k workers added was below the 175k concensus. Indeed our strategy has been sell resistance failures on corrective waves as market sentiment ferociously bearish for the euro.
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EURUSD correcting; Bank Forecasts Released |
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Written by Jason
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Thursday, 02 June 2005 |
EUR/USD is retracing from an eight-month high as profit taking ensues back up to 1.2300 resistance. With the Dutch and French rejecting the EU constitution in a referendum, future political and economic uncertainty still looms which will limit any larger rebounds. Furthermore, the ECB cut its growth forecast for 2005 to between 1.1 and 1.7 from between 1.2 and 2.0.
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EUR/USD at major support; France vote looms |
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Written by Jason
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Saturday, 28 May 2005 |
On Friday, a new poll was released showing that the rejection of the EU constitution by the French has narrowed from 55% to 52%. This, along with weekly support (see below), has triggered a Euro come back rally.
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