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Forex Trading |
Myriad of factors stand to influence major currency pairs ahead of weekend break. July 6th - After the test missile launches by North Korea earlier in the week, the Yen remains under some pressure. Mounting speculation that the Bank of Japan will leave rates unchanged yet again combined with news that Pyongyang may test further missiles in the coming days is giving traders little reason to be overly confident that the Yen will find much reason to appreciate in the near term. Obviously any developments here could provide further direction as the day progresses although interest rate verdicts due from Europe in the next few hours should also leave cable and EUR/USD as currency pairs worth watching. There’s little expectation that the Bank of England will move rates – consumer confidence remains weak and the UK economy continues to lag behind that of the EU – but the situation at the ECB is a little different. Last month’s rate hike will doubtless help control expansion and may well mitigate the need for further action this time around, although any comments in the subsequent press conference as to just how hawkish Trichet is likely to be in the latter part of 2006 could well determine where the Euro finishes today’s session - although in the longer term, tomorrow’s US non-farm payrolls could easily change the landscape further… Andy Cottrill and Enis Mehmet Phone USA: + 1 212 644 4220 Phone UK: + 44 207 170 8201 Fax USA: +1 212 644 4222 Website: http://www.cmcmarkets.com
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