Overheard On The Forex Stream

faithmight

Price action this week was not as exciting as expected. Despite 4 central bank announcements, resulting in no action from anyone, currencies found themselves rangebound and unable to find real direction except the EUR as sovereign debt issues continue to weigh. China took center stage this week as traders anticipated a monetary policy announcement from the People’s Bank of China:

USDCNY: The PBOC has gone ahead and hike the reserve requirement by 0.50 percent to further contain rising liquidity

WOW! china CPI and PPI outta control! PBOC almost has to raise rates now

AUDUSD: PBOC could potentially hike rates over the weekend which could sink the Aussie at the open next week

Nevertheless, action in the forex market remained subdued. Even positive data out of the US failed to spark definitive direction.

EURUSD is where it was 24hr ago, seems to have difficulty choosing a direction

EURUSD They are not going to let the Euro crash and they don't want it to rally much either. The allowed range will be constrained

And I am loving that the forex stream is becoming more global and inclusive with more and more of the exotic pairs popping up in the stream.

Open trades today. USDMXN at 12.4615 my mother in law used to say The dolar never depreciates! never sell your dollars, son

EUR/HKD is in the bullish Wedge

USDNOK: Norwegian CPI has come in bang on expectation

Not much today. Still holding GBPAUD long (6122) and AUDNZD short (3170). I'd like to see CADCHF around 0,96 next week to go long.

This is what the forex market is all about! Enjoy the weekend.


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

Tickers: , , , , , ,

blog comments powered by Disqus
StockTwits FX Blog