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Euro Trades Flat in Choppy, Two-Sided Trade

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Apr 13, 2010.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    The Euro wavered from up a few pips to down a few pips most of the New York session as very limited news changed hands. Last night Greece concluded a successful 6-month and 52 week T-Bill auction. Demand was strong and the bid-to-cover impressive. Interest rates were high, but better than they were last week. Traders are now waiting for the next move by Greece. They are either going to be satisfied with the proceeds of the auction or have to use some of the funds available from the European Union bailout package. Investors remain cautious about going long the Euro. Hedge funds are still selling rallies.

    The GBP USD traded higher after a better than expected trade report. The U.K. trade data showed that the deficit narrowed substantially in February. After the initial thrust to the upside, the British Pound settled into a range before turning lower.

    British Pound traders are becoming nervous about holding on to longs ahead of next month’s elections. Investors are still waiting for either party to submit a plan to reduce the budget deficit. Monday’s closing price reversal top was confirmed, indicating a developing downside bias.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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