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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
targetting 4400 level initially... where i expect some pullback...
as long as 4300 level holds... see extension to 4450/70 level if not this week... early part of next week...
gl/gt
EUR/USD initially fell after Trichet said THURSDAY's RATE HIKE wasn't necessarily the “first of a series” and held off using the code word “strong vigilance” – which indicates a further imminent rate hike. The euro's decline following the press conference was short-lived, however, and EUR/USD ended the day only fractionally lower. The price action points to a continued appetite to accumulate euros. The market is priced for two quarter-point hikes by year end and a high probability of a third hike.
A 7.1 MAGNITUDE EARTHQUAKE struck Northeastern Japan at around midnight local time. A knee-jerk round of risk aversion sparked a yen rally but there have been no reports of large-scale damage or problems at nuclear installations. A clearer picture will emerge as the sun rises.
Last-minute meetings to avoid a U.S. GOVT SHUTDOWN on Friday appear futile but with in Washington there is always a chance of a deal. The market still doesn't care as most anticipate that any shutdown will be short-lived. Jobless claims were at 382k compared to 385k expected.
By AB - AshrafLaidi.com Staff
Ashraf