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Currency trading involves risk of loss.
Leverage magnifies both gains and losses.
In the middle of a week, a night of inconclusive price action as EURUSD continued to swing on either side of the 1.5500 figure. The unpredictable price action mirrors the confusion in the currency market as traders try to pin down the true targets of President Trichet and Chairman Bernanke.
The FOMC rate announcement will be announced on Wednesday this week and it will give much better prospects to currency traders. That is if Chairman Bernake really is trying to raise rates rather than just bluffing. A hawkish tone in the post announcement would indicate that a rate increase is coming as soon as September which in turn should show dollar bullish, while no one believes that there will be any kind of rallies this week.
22:11
Posted on Jun-23-2008
