Saxo Bank (Saxo Bank)
Currencies  |  December 02, 2010 12:59:35

Newspaper headlines býhou market

Just a couple of days have passed since I wrote that this market will be extremely rare move headlines yesterday and, indeed, happened. At the end of European session unknown American source said that the United States is prepared to contribute to European stability fund ... the dam broke a track on EURUSD, which jumped to nearly one order of magnitude, and other related risk couples were moving in a similar way. Of course this report was denied by a few hours, but this morning is still a relatively higher risk of interest.

All this despite the bad data on retail sales that night came from Australia, and the index of purchasing managers in China, by contrast, was better than expected, increasing the risk of further tightening of monetary policy before the end of the year. This morning I feel that the risk of putting undue pressure and the EURUSD is likely to get 1.3180 and then at 1.3230 (which probably stops), while pairs like AUDUSD USDCAD and we could expect the value of 0.9730 / 50 respectively. 1,0080 / 50. GBPUSD looks good this morning and there is no truer words than those uttered yesterday by George Osborne, who said that the best thing Britain ever did was that it did not go to Euro. GBPUSD today would definitely have to look up to 1.5680 ...

All events today will of course revolve around the euro area, the two most significant events of the Spanish bond auction will be a later announcement by the ECB.As regards the second of them, do not expect a change rates, but eagerly await the extension of the bond purchase program, and indefinitely. It will be EUR negative and positive at the same time, printing more money but it is never a good sign (ask Yanks), and therefore I would expect the EURUSD decline renewal.

As for the other events in the U.S. we have weekly data on unemployment and home sales ... Who cares ...

Ken Veksler, Senior Manager, Advisory, Trading, Saxo Bank

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