European and British banks are closed today. Interestingly EURGBP hit a new high on 25 DEC. i.e. our Queens wealth has gone down.
Any way, DXY looking like threading on thin ice. The thick Ichimoku cloud is providing some support meanwhile.
Also load of bad news came out. US Credit card defaults soaring, US coroprate cutting capital expenditure.
Roubini is on national TV again toking about recession. He looks haggard, he looks like he himself is in recession.
TRADER ALERT
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A lot of broker software is not showing the prices on 25 Dec. Some pairs made significant highs on that day. Do watch out and interpret the data correctly.
Update 8:11 am ET
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EURUSD made a mad dash for 1.4481.
EURGBP hit high of 0.7299 (still below 25 Dec high of 0.73175, not recorded on a lot of broker software)
Time for a rebound of GBP against USD ?
OR a pause in the rise of EUR against USD ?
USDJPY falls to test 114.
A lot of broker software is not showing the prices on 25 Dec. Some pairs made significant highs on that day. Do watch out and interpret the data correctly.
Update 8:11 am ET
--------------------
EURUSD made a mad dash for 1.4481.
EURGBP hit high of 0.7299 (still below 25 Dec high of 0.73175, not recorded on a lot of broker software)
Time for a rebound of GBP against USD ?
OR a pause in the rise of EUR against USD ?
USDJPY falls to test 114.
Nothing can be more bearish on the GBP than this:
Whoever coming out to save the GBP would probably be knighted by the Queen. OR
some Dark Knight there poised to bankrupt the BoE once more ?
Update 9:53 am ET
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Gold has hit the triangle resistance at 820, 821, would it close today above the 821 ? significant event as a breakout may have happened.
Late though, considering every countries now reporting historical high inflation (except our dear US BLS and FED).
Usually when Gold moves, it is a omen of more things to come in Equities, etc.
Update 10:00 am ET
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home prices fell 6.1% in October, holiday retail season may be the slowest since 2002. AND more importantly Richmond Fed Index (Dec) at -4 vs expected 1 and 0 in Nov.
Obviouisly USD at historical low did not help the manufacturing, more weakenss for USD to come ?
one fellow from Davidowitz said subprime is just a appetizer, the main course is the credit card debt, corporate debts, etc.
Wow !!!! dun know appetizer can be so filling. Me ain't waiting for the main course.
Update 10:35 am ET
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it was quick, EURUSD now testing the neckline of its H&S pattern at 1.4500-1.4520. If it keeps above 1.4500, this is quite a feat. If EURO breaks the neckline, it would be quite a scramble for the short sellers when market reopen full steam next week. Hopefully the short sellers got somebody standby to defend it.
the King ponders.... Should I call for a battle to break the neckline ?? with Gandalf, Elf, Gondor knights in tow ? (give your comments below)
GBP still underwater. though made a good leap from 1.9696 to 1.9820 today. Come to think of it, GBP saving interest rate is significantly above EUR and even more against USD. It is still a good store of monies short term, and by the way, China approved its citizen to invest in UK directly besides HK under the so called QDII scheme.
See what China monies did to HSI, you can imagine what China monies would do to FTSE, which has a large component of resources companies.
You want to know what is my call for EUR, JPY, GBP in 2008, you got to subscribe, send email to dollarproaragon@hotmail.com with header "subscribe".
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