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  • Faros Morning Update 081110

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    The USD sell-off post the FOMC announcement of QE-lite, was short lived and the failure of EUR / USD to hold above 1.3200 and then 1.3180 forced an immediate gap fill in the pair. The 1.3000 level needs to hold or a test of the 100 day at 1.2815 is likely and the DXY should stall in the 82. / 20 area. A large macro fund rumored to be'spraying' the street aggressively in EUR and

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    The USD sell-off post the FOMC announcement of QE-lite, was short lived and the failure of EUR / USD to hold above 1.3200 and then 1.3180 forced an immediate gap fill in the pair. The 1.3000 level needs to hold or a test of the 100 day at 1.2815 is likely and the DXY should stall in the 82. / 20 area. A large macro fund rumored to be'spraying' the street aggressively in EUR and

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    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    36 vizualizări1 pagină

    Faros Morning Update 081110

    Încărcat de

    api-31029184
    The USD sell-off post the FOMC announcement of QE-lite, was short lived and the failure of EUR / USD to hold above 1.3200 and then 1.3180 forced an immediate gap fill in the pair. The 1.3000 level needs to hold or a test of the 100 day at 1.2815 is likely and the DXY should stall in the 82. / 20 area. A large macro fund rumored to be'spraying' the street aggressively in EUR and

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 1

    1 Dock Street

    Stamford, CT 06902
    www.farostrading.com
    www.twitter.com/FarosTradingLLC

    FAROS TRADING | FX MORNING UPDATE

    Market Summary – 08/11/2010

    Good Morning. USD/JPY will face barriers every 25 pips below from 84.50
    down while the break of the 50 day at 134.30 in the
    The USD sell-off post the FOMC announcement of QE-lite, GBP/JPY will further the need for macro and systems to
    was short lived and the failure of EUR/USD to hold above sell. Japan’s Fin Min Noda indicated the usual ‘watching
    1.3200 and then 1.3180 forced an immediate gap fill in the exchange rates closely’ while the Trade Minister indicated
    EUR/USD and DXY back to 1.3120 in the former and 81.30 the JPY was not yet at a level where intervention makes
    in the latter. The stop-fest continued into the early Asian sense. A Japanese bank we speak to thinks 82.00 / 83.00
    session with a large macro fund rumored to be ‘spraying’ is where they may ramp up rhetoric. The bond rally in
    the street aggressively in EUR and AUD. We also heard the US is unlikely to stop anytime soon which will help
    rumors of a reserve manager selling EUR/USD but that force the issue on the long JPY trade.
    seemed unlikely given the only name like that with EUR to
    sell is the SNB. The London morning then pressed the bet NJA space saw further unwinds of KRW, TWD, IDR, INR
    in the EUR/USD forcing the pair down from 1.3100 etc, with the USD/KRW a notable big mover helped by
    through 1.3000 as we walk in this morning. DXY has rumored BoK intervention and M&A news that IPIC was
    retraced back to 81.72. The 1.3000 level needs to hold in selling a stake in Hyundail Oilbank. USD/KRW triggered
    EUR/USD or a test of the 100 day at 1.2815 is likely and stops through 1173, the 100day moving average, with
    DXY should stall in the 82.10/20 area. An Italian 6bn EUR 1187 in 1m paid in London. INR has done its share of
    auction that went well did little to help EUR sentiment. damage as well with a sharp move off the 46.00 level
    (from Aug 6) with 46.697 trading now.
    GBP was not to be outdone as a poor confidence number
    (56 vs. 63 previously) led to aggressive GBP/USD selling Equities across the board were hit hard and bond markets
    and a UK inflation report which revised down growth, saw the yield differential to the US continue to widen
    increased uncertainty and raised inflation forecasts added arguing for a weaker USD. The 10yr bond continues its
    fuel to the fire. We stalled just below 1.5700 and 1.5690 march to a 1% handle and China still has the need to
    needs to hold or a test of 1.5521 the 200 day is likely. manage reserves along with other regional central banks
    that continually and habitually buy USD. For those willing
    JPY came under increasing focus as the USD sell-off to ride out the turbulence and not get caught in the hype,
    initially did little to help JPY strength in USD/JPY with most the market could be presenting an opportunity. The
    of the action coming through the crosses. But the London question remains, how much can the USD sell off if
    morning took USD/JPY through 85.00 and ultimately down equities go massively offered? But with China in the cat-
    through the 84.80 stops and 84.75 barriers to print a new bird seat, there may be little choice.
    15yr low. GBP/JPY broke late in the London morning as
    well with a sharp move from 134.50 to 133.00. Good Luck

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