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Posted 01-07-2010 at 11:24 AM by TraderPlanet.com (TradingEducation.com, Darrell Jobman, Editor-in-Chief)
EUR/USD
The Euro weakened further to the 1.43 area on Wednesday as there were renewed fears over the situation surrounding the Greek debt situation. There were reported remarks from ECB member Stark that Greece could not rely on external support which increased fears over a possible debt default.
The Euro-zone industrial orders data was also weaker than expected, although the impact was limited.
The latest US PMI index for the services sector was slightly weaker than expected with the increase for December held to 50.1 from 48.7 the previous month. The employment component improved over the month, but remained well below the 50.0 threshold for employment expansion.
The ADP employment...
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Posted 01-06-2010 at 09:38 AM by TraderPlanet.com (TradingEducation.com, Darrell Jobman, Editor-in-Chief)
EUR/USD
A dip in US Treasury yields and firm risk appetite helped trigger a renewed test of dollar support beyond 1.4450 against the Euro in early Europe on Tuesday. With speculative investors having already increased their dollar holdings, it was again difficult to secure further strong US currency buying support.
The German unemployment data was again stronger than expected with a 3,000 decline for December compared with expectations of a monthly increase. The Euro-zone headline inflation rate increased to 0.9% from 0.5% the previous month which was in line with market expectations and the Euro was unable to make further headway with a decline to the 1.44 area ahead of the US open.
The US pending...
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Posted 01-05-2010 at 08:36 AM by TraderPlanet.com (TradingEducation.com, Darrell Jobman, Editor-in-Chief)
EUR/USD
The dollar initially maintained a firm tone on the first trading day of the New Year with the Euro dipping to lows below 1.43 as confidence in the Euro-zone also remained weaker. The dollar was unable to break Euro support levels and there was a sharp retreat to lows near 1.4450 in European trading.
The comments from Fed officials did not provide significant direct support to the US currency with remarks suggesting that interest rates would stay low.
Markets have moved to price in a 60% chance probability that the Fed will increase interest rates by June. The dollar will, therefore, find it difficult to gain further strong support on yield grounds unless there is another very strong payroll...
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Posted 01-04-2010 at 10:18 AM by TraderPlanet.com (TradingEducation.com, Darrell Jobman, Editor-in-Chief)
EUR/USD
Trading volumes will be very low of Thursday which maintained the potential for erratic trading, especially given that there was also further year-end position adjustment. The Euro secured a further advance with a move back above the 1.44 level in early European trading.
The US economic data was again better than expected with a further decline in initial jobless claims to 432,000 in the latest week from a revised 454,000 previously and this was the lowest level since July 2008.
The recent run of favourable data will reinforce a mood of optimism towards US prospects in 2010 and will also maintain expectations that the Fed will be in a position to increase interest rates. The dollar will still...
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Darrell Jobman, Editor-in-Chief, TraderPlanet.com
Darrell Jobman has been writing about financial markets for more than 35 years, covering all aspects of the trading industry. A decorated Vietnam War veteran, he was a newspaper farm editor and editor of several agricultural publications before becoming an editor of Futures Magazine for more than 15 years. He has written and/or edited more than a dozen books on trading including The Handbook for Technical Analysis. His passion is helping others succeed by learning the "dos and don'ts" of trading and through TraderPlanet.com he has really been able to satisfy his passion.
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