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My Home About Me Daily FX Wrap What moved the FX market overnight, and where the market's headed today. Using our proprietary indicators, we try to get you ahead of the pack with low risk trade ideas, along with regular updates. Daily Fx Wrap For Tuesday May 8, 2007 Posted on 05/07/2007 21:51:27 | Link | Post Comment Overview The USD fell against other major currencies but stayed in narrow ranges on Monday, as investors awaited central-bank meetings on interest rates in the U.S. and Europe later in the week. The UK was out yesterday for the May Day holiday. The greenback extended its declines from last Friday on expectations the interest-rate differential between the U.S. and other parts of the world will continue to narrow. The Federal Open Market Committee, the Federal Reserve's policy-setting committee, is widely expected Wednesday to leave interest rates unchanged at 5.25%. Most of the so-called analysts are looking for a dovish post-FOMC statement, pointing to the soft data of late we’ve been getting on employment, housing and manufacturing. This little ducky doesn’t think we’ll get such a statement, rather the Fed will continue with its wait and see approach – choosing to leave rates unchanged, and leaving the statement’s wording also unchanged. I think the Fed will choose to wait till its June meeting to change the wording and then adopt a more dovish stance. As such, I think we might get a small USD rally post FOMC. Going into the Fed meeting traders will be reluctant to get into any sort of position, as such, I can see the EUR/USD holding a range of 1.3580-1.3620 over the next 24-36 hours. I still favour a move down to 1.3500 before a resumption of the uptrend. Data for Today GER: Industrial Production For today - Sell USD/JPY around 119.80, with stops above 120.30 For more ideas please email: tradingdesk@pinnacleforex.com << My Home | The FX Markets Blog Home

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