NFP data release and impact
EURO made a brief upward stop hunt above high and come down.GBP has not reacted.AUD cut the low and came down.Denominator currencoes USD/YEN and USD/CHF dropped about 50 pips and USD/CAD gained .So the majors are doing contrarian moves and commodity pairs are making USd gaining moves.Towards close of European session there may be a small firm up in EURO and then swing and slide moves may be seen during US session.next week the slide may continue till BOE and ECB rate decisions are out.
When the players were holding high in EURO many traders would have closed the short and turn long- hence the players have only done a quick upward stophunt and making the slide now in EURO.
Regards
Dr.sivaraman
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Comment by Roshan Naidu on June 3, 2011 at 2:00pm -
Dear Doctor, I feel hopeless with trying to understand these forecasts. I did make some pips today and am out of the market for the week BUT I feel theres something I'm missing in understanding these forecasts. I use them as a guide in my trading but I would very like to understand. please can u explain the movement in euro.
Warm regards
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Comment by Amit Singh on June 5, 2011 at 1:44pm
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Lisa ,
good one
Comment
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