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Posted by fxrecommends@gmail.com on March 4, 2008, 10:34 pm
The single currency tried yesterday to make a new high but another
profit taken wave dragged it lower back again to 1.52 level among gold
selling reached 957$. The market is still await of series of data to
take new decisions.
Ben Bernanke came with no new yesterday calling mortgager lender to
avoid further exposure but the news that bond insurer Ambac is close
to a bailout package, eased credit worries given some support of the
USD versus gold and the Japanese yen which is expected to be
supported this month by the home back reptrations ahead of the
financial year ending.
This week ECB press conference should be closely watched as the market
needs to know the central bank view of the recent data impact as the
germane IFO which can decrease the ECB worries amid this current
single currency repatriations which can help containing the high seen
inflation rates which declined monthly this month to .4% but 3.2% y/y.
Also we want to watch today's US ISM non-manufacturing index eyeing on
the price paid index as the inflation gauge in the sector and the
employment index ahead of the non-farm payroll release this Friday.
The service figure is expected to come higher to 47 in February from
41 in Jan. by god's willing, the service PMI data are important to be
watched from UK and EU too UK figure is expected to be 52.1 and EU
50.9.
Also the main clue of the non-farm payroll which is the ADP Employment
is expected to be plus 20k from 130k last month. The market is waiting
also for the US factory orders data which is expected to be -2.5% in
Jan and much weaker data can trigger further USD selling today.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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