PFX Forex Trading Outlook - August 22, 2008
Posted 08-22-2008 at 12:30 AM by PFXglobal.com
by John Jagerson
REVIEW: 21 August 2008
Support continues to be in play on the commodity currencies. In fact, if commodity prices stay on track this week, this could be the strongest week for price growth in 33 years. How can you get more bullish than that? For now commodity currencies still look like a buy.
Positive retail sales in the UK probably assisted a bit with the rally in the GBP/USD today but the economic calendar was relatively quite otherwise. The big news was definitely commodity prices and disruptions in the equity market. Potentially bad news from investment banks Lehman and Merrill failed to disuade traders from taking long positions in equities which contributed to a fairly significant whipsaw in the JPY.
PREVIEW: 22 AUGUST 2008
Equities are the big news tomorrow. Will traders be willing to hold long positions over the weekend or will they take some profits off the table? The answer to that could help us determine whether the EUR/JPY and GBP/JPY are stuck at support in the long term or if there is still some opportunity to the downside.
GDP revisions are due from the UK and Mr. Bernanke from the US Fed will be speaking tomorrow. Obviously, Bernanke's comments are a wild card that could serve as the catalyst for price action but tomorrow's symposium is more likely to be a non-event than anything else.
EUR/USD Currency Pair Dashboard
Other charts and analysis for pairs:
GBP/USD
USD/CHF
USD/JPY
USD/CAD
AUD/USD
NZD/USD
GBP/JPY
EUR/JPY
REVIEW: 21 August 2008
Support continues to be in play on the commodity currencies. In fact, if commodity prices stay on track this week, this could be the strongest week for price growth in 33 years. How can you get more bullish than that? For now commodity currencies still look like a buy.
Positive retail sales in the UK probably assisted a bit with the rally in the GBP/USD today but the economic calendar was relatively quite otherwise. The big news was definitely commodity prices and disruptions in the equity market. Potentially bad news from investment banks Lehman and Merrill failed to disuade traders from taking long positions in equities which contributed to a fairly significant whipsaw in the JPY.
PREVIEW: 22 AUGUST 2008
Equities are the big news tomorrow. Will traders be willing to hold long positions over the weekend or will they take some profits off the table? The answer to that could help us determine whether the EUR/JPY and GBP/JPY are stuck at support in the long term or if there is still some opportunity to the downside.
GDP revisions are due from the UK and Mr. Bernanke from the US Fed will be speaking tomorrow. Obviously, Bernanke's comments are a wild card that could serve as the catalyst for price action but tomorrow's symposium is more likely to be a non-event than anything else.
EUR/USD Currency Pair Dashboard
Other charts and analysis for pairs:
GBP/USD
USD/CHF
USD/JPY
USD/CAD
AUD/USD
NZD/USD
GBP/JPY
EUR/JPY
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