What Is FX: Germany…The Other Shoe
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
What is FX Daily Report
What Is FX: Germany Falls Short
March 7, 2012
8:00 AM EST
Good morning What Is FX traders; price has changed very little in the last 12 hours or so since we were together last. This is just about where What Is FX exited the trade yesterday. We saw some building of risk appetite in the overnight as Asian stocks traded firmer. Europe followed after the big blood bath yesterday on Wall Street. Here is the US Stock futures are pointed firmly higher before the open, and the euro is holding steady. We could see a lift today, although i would expect it to be light.
One of the things that has no doubt hurt the euro and helped the dollar thus far this week is the impending sense of fear and dread that is preceding the results of the Greek bond swap. As such, trader have been lightening up on their euro long positions, since no one really knows how this is going to go. What Is FX has read so many conflicting reports, there isn’t space to print all the scenarios in our little email. So we have to take a slightly different approach. More on that in a minute.
The risk rally had it’s legs cut out from under it when Germany reported its Factory Orders. Forecast to drop 0.4% after last months 1.7% drop, they screamed right past estimates and came in at -4.7%. All the wind in the sails immediately turned south, and the euro dropped pretty quickly 30 pips, from 1.3162.
Thus we have some downward pressure on the euro to begin the day, somedownward pressure on the dollar due to profit taking on the massive moves of the last few days, and what that spells is consolidation.
We have huge event risks beginning tomorrow, so this may be a day of range bound action.
What Is FX Daily Directions
The following paragraphs have been omitted by the editor as they contain proprietary trading information reserved for our subscribers. Please visit The FX Trading Masters to get your 90 day trial.
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Happy Trading!
Bill
traderwillie8782@yahoo.com
facebook.com/TheFXTradingMasters
What Is FX March Results: +175.0 pips.
What Is FX Year-To-Date Results: +1,543.0 pips
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