The Advisor Weblog |
| Posted: 03 May 2011 04:30 AM PDT Dollar posted some gains this Tuesday, particularly against Pound and commodity currencies, AUD and CAD, that finally reacted to metals' early week slump. Risk aversion enviroment on contrary, is keeping CHF and JPY strong against major rivals, while EUR bulls are not yet ready to give up; you can check the EUR/USD technical key levels here: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/05/03/
There is no much fundamental data to be release today, so sentiment will probably rule markets today: keep an eye on stocks and metals. Starting tomorrow on contrary, we have several first line reports all over the world till Friday, so expect American afternoon to be a quiet and choppy one.
Anyway, is too early to call for interim tops in majors, and go for a dollar reversal; up to this point, movements are still corrections, and with central banks in Europe tomorrow, and NFP in the US next Friday, I would stay pretty still these days.
Have a great trading day!
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