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Wednesday, February 10, 2010

Forex trading system euro moved higher then fall

The euro appreciated sharply vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3840 level and was supported around the $1.3640 level.  The common currency added to intraday gains during the North American session as U.S. equities were on the positive side out of the gate.  Many rumours circulated during the European and North American sessions involving Greece's deficit problems.  First, dealers reacted to chatter that European Central Bank President Trichet cut short a trip to Sydney where he was meeting with central bank governors and returned to Europe for an emergency meeting of the ECB, a story the central bank denied.  Later, it was reported by a senior German ruling coalition "source" that eurozone governments have decided in principle to help Greece but a German spokesman later denied the report.  In addition to Greece, traders remain fixated on the deficits of Spain and Portugal.  The so-called sovereign credit crisis will likely extend to other countries outside of the eurozone in due course but in the short-term, the issue remains a net negative for the common currency.  European Union leaders will convene on Thursday to discuss strategies to accelerate economic growth but Greece is not currently on the agenda.  Data released in the eurozone today saw Germany's December trade surplus print at €16.7 billion, down from €17.0 billion in November.  Also, German December consumer price inflation was confirmed at -0.6% m/m and up +0.8% y/y.  In U.S. news, data released in the U.S. today saw December wholesale inventories off 0.8%.   Data to be released in the U.S. tomorrow include MBA mortgage applications and the December trade balance.  The Federal Reserve will release testimony tomorrow by Fed Chairman Bernanke regarding the Fed's strategy to exit its low interest rate and liquidity programs.  Bernanke was to testify before the House Fi [...]

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