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Forex Report, August 30 2007 |
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The forex market remains pretty cool after the dramatic moves earlier in the month.
Today, after dipping below 1.3600 for a spell this morning, the EUR/USD trickled back up to the 1.3670 range by late afternoon.
The dollar made up a tiny bit today against the yen, but failed to really make a move higher. It remains to be seen whether it can breach the 1.17 mark. If it is able to do so, it should begin to quickly test the 1.19 mark. However, if it fails to once again, look for it to bounce down off 1.14 once again.
We're still decidedly wait-and-see mode with almost all currency pairs at this point. The Euro still seems to having a long bias while the Yen is leaning towards the short side. The dollar is caught in the middle, seemingly lost for the time being. The Feds action in September should really dictate where the dollar goes next.
Happy Trading!!!
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Forex Report