Wednesday, September 29, 2010

Asian Shift FX update: Sept 29, 2010

It seems that mid day mild dollar strength is giving up its gains. On the Daily ADX all the majors except the CAD show non-range-bound trading. There is a good possibility trading will be very volatile starting tomorrow with GDP, Jobless Claims, and Fed Speak, if not volatile it will stir the waters for Friday's Motor vehicle sales, Consumer Sentiment, Construction Spending, Personal Income and Outlays, and ISM Mfg index.

Technicals are showing that the GBP will fail to reach its highs of today, if this is truly the case the EUR should follow as the dollar starts to correct. I won't get my hopes up though as earlier trading in the week was similar and I am not ruling out a repeat of continued weakness.

On the upside (dollar upside), technical are getting riper everyday for a dollar correction.

-Alexander T LĂȘ

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