The Advisor Weblog

Live coverage
Best pair to trade now: EUR/USD
Majors’ sentiment for today
Nonfarm Payrolls Friday

Posted: 02 Jul 2010 04:52 AM PDT

In about 20 minutes, I will be starting the NFP Live coverage at the Fxstreet.com home page. You are all welcome to join me there!

Best pair to trade now: EUR/USD

Posted: 02 Jul 2010 04:16 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-07-02.html

Majors’ sentiment for today

Posted: 02 Jul 2010 03:56 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Bullish

Usd/Chf: Slightly Bullish

Usd/Jpy: Bearish

Eur/Gbp: Neutral

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Nonfarm Payrolls Friday

Posted: 02 Jul 2010 03:53 AM PDT

Hi everyone and welcome back! Another NFP Friday, with something special on it: yesterday, EUR and GBP managed to detach from the correlation risk/stocks/dollar: Wall Street sunk amid US worse than expected housing and employment data, yet European currencies managed to rise strongly against greenback, and honestly, I do believe is a poor explanation to attribute this to “fears of a double dip” in the US economy. We have discussed this several times along webinars, live coverages and even here: Euro weakness was never dollar strength: dollar has been weak and remains so; my educated guess is that market could be shifting attention; also, that we already priced in the awful data expected for today.

Whatever the reason, what I see today, is that Pound remains strong, while Swiss Franc rally looks a bit over reacted at this point. Yen failed around 88.00 and remains strong, thus BOJ concerns at current levels will harm the cross, while Euro could extend to 1.2620 area, thus bullish continuation needs a downside corrective rally towards 1.2400 first, to be more reliable at the end.

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!