Good morning, its Monday April 4th, the 94th day of 2005.
With next to nothing by way of economic news today, traders are going to focus on company news, crude oil, and the sorry state of markets on Friday.
Currency moves may also again be in focus this week, as the US Dollar has generally moved higher following Thursday’s sell off, triggering new longs (confirming a “breakout” in the process) in pairs such as USDJPY:
USDJPY – daily
US Dollar Index – daily, target overhead.
Adding to upward pressure on the dollar is speculation that the Bank of England and European Central Bank will both hold off on rate increases in their jurisdictions – each release their regular update on interest rate policy on Thursday this week.
In the interim, Gold is likely to remain under pressure:
Gold – daily, now trading below resistance and having already triggered shorts following the bear flag bounce to resistance, naturally the path of least resistance for now is down. Just the same we’ll be watching closely for any surprise move to the upside if not today later this week, and for now remain flat in this sector.
05.04.04 06:25 #