Early Tokyo has taken a dislike to EUR/JPY, selling it down from 137.70 to 137.30. Those players caught long at the wrong levels might be bailing out and reassessing as this pair has certainly come quite a long way in a relatively short space of time. GBP/JPY has also met with some early selling, currently down 40 pips at 161.20. The uptrend in both pairs remains unchallenged but both have scope to drop to 135.80 and 160.00 respectively.
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EUR/JPY on the slide
June 15 2009, 3:13am | Comments »
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Real money active on latest dollar slide
Dealers note strong buying of cable from the 1.6550 level all the way up through 1.6600 and the pound remains underpinned.The demand seemed to come under duress, traders say. This means the buyer really wanted them cheaper but was forced to pay up to cover his exposure, just like us mere mortals. Institutional investors were strong sellers of EUR/USD in the 1.4160/70 area as well. Gerry is reaching for his LL Bean catalog as we write. the invisible hand is at work!
June 11 2009, 8:49pm | Comments »
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Dollar continues across-the-board slide
Risk-loving investors have turned oil prices and equities higher, putting the reflation trade back on track. The combination of an improving US (and global) economy is helping lift spirits but not the dollar. US debt levels will balloon in the near-term no matter what the economy does and will likely balloon in the long-term as well. Cable, EUR, AUD and NZD are all at or near session highs with momentum outstripping fiundamentals at the moment regardless of what crosses the tape…EUR/USD trades at 1.4315, GBP/USD at 1.6575, AUD/USD at 0.8225, and NZD/USD, at 0.6590 after breaking its 50% retracement…
June 2 2009, 9:27pm | Comments »
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