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FX Levels 04.14.2009 PDF Print E-mail

Over the Easter break we saw the USD weaken on the back of a light volume rally in the Euro and renewed optimism heading into the US Earnings season.

Lots of data out of the US this week covering inflation, retails sales, and manufacturing.

The Yen crosses looked vulnerable last week, but managed to hold in there.

Perhaps they'll run out of luck this week, to be led lower by USDJPY.

It could be a case of "buy the rumour, sell the fact" - Yen crosses rally on talk of good earnings, but then come off with stocks when the earnings results disappoint.

Gold has thus far managed to hold the lows of 865, and has moved back over 890 overnight, suggesting we could see more upside this week.

I'd be happy to establish a small long position here with the stops below 865 for the time being.

Data for Today

US: PPI

US: Business Inventories

US: Retail Sales

Trades for Today

AUD: Buy dips to 0.7280

Gold: Buy around 890-895
 
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