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Forex Report, December 6 2007 |
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The ECB announced that their interest rate would go unchanged at 4.00% while the BOE cut a quarter percent dropping their rate to 5.50% from 5.75%.
So what did this do for the markets? Well, the British pound weakened a bit but then returned to previous levels and then pretty much ranged from 2.025 to 2.03 all day. The EUR/USD, on the other hand, came back up from overnight lows that saw it briefly touch 1.4526. He finally settled in around the 1.4630 to 1.4650 range.
Big news expected tomorrow with the NFP. The number, if Wednesday's ADP is any indicator, may just come out a bit higher than the 75K expected.
Happy Trading!!!
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Forex Report