Tuesday, November 27, 2012

TRADER PREFERENCE FOR YEN SHORTS




Spot, Support/Resistence, Outlook, Data/Event Risk
Data/Event Risks


• USD: Fiscal cliff discussions recommence this week – progress (or lack of) will be a key determinant of dollar direction. Tomorrow is hectic for data releases, including durable goods orders, Case-Shiller house prices and consumer confidence.


• GBP: Not much out today but tomorrow we see if Q3’s 1% GDP increase will be revised. BoE still adopting a wait-and-see on policy.

• EUR: Minor economic news, including Spanish and Irish house prices. Progress in Greek debt discussions will be critical.
Idea of the Day


Traders have been covering euro shorts over the last couple of weeks, for two main reasons. Firstly, they were simply not making any money out of these positions. Secondly, short yen was becoming more profitable. As such, the euro has looked bid in part because shorts have switched to the yen. This process is probably not yet complete.


Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id

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