Today, had a similar feel as some markets had 12 months ago when risk aversion was at it’s height. JPY and CHF crosses fell heavily and Gold continued to make new highs. This morning the EUR/USD pair has risen to the 1.5066 level. Cable has shown strength and is now up at around the 1.6573 level, from its open of 1.6500. The USD/JPY pair has shown weakness and is currently down at around the 86.23 level. Price action suggests that the sellers are much bigger and much more desperate than the buyers.
Due for release today is the AUD HIA New Home Sales, GBP Gfk Consumer Confidence Survey, JPY Housing Starts, EUR French Producer Prices, GBP Mortgage Approvals, GBP Net Consumer Credit, GBP Net Lending Sec. on Dwellings, EUR Euro-Zone Consumer Price Index, CAD Quarterly Gross Domestic Product Annualized, CAD Gross Domestic Product.
By Ultimate Forex Profits
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