Friday, May 27, 2011

End of month profit taking perhaps?

So looks like we got some profit taking and retracement going on right now with dollar being bearish.

Euro rebounded after the US GDP came out weaker at 1.8% vs cons of 2.2%. The US unemployment claims didn't help either and came out worse at 424k vs cons of 403k.

Cable was held higher through the help of real money and Asian investors. It got a further boost from Citi/ Yougov survey which showed that the UK inflation expectation for the year ahead rose slightly in May after falling in April.

AUD capex for Q1 beat expectations which saw the Aussie run higher against the dollar.

Overall it was a lower USD that we've seen from yesterday onwards with a risk-on situation occurring.

In terms of my positions, I unfortunately got stopped out on both my positions, which you can see on my positions page.

We have some data coming out tonight from the U.S

Data Today
US university of Michigan consumer sentiment - 1.55pm GMT
US pending home sales - 2pm GMT

Happy Trading!

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