Choppy Market!

Clearly there is a lack of direction on some of the pairs in the market. Things have not been going to well with my last two trades. Extremely choppy and volatile market!

We saw US retail sales came out better than expected which softened the dollar a little. Also there was a rumor out that the FED would announce its next round of quantitative easing.

The yen just got intervened by Kan, and we just saw Yen bounce right up to above 84.

Euro took out the 1.2930 resistance level and ran straight to 1.3034.

Sterling rose up after the stronger CPI figures up to 1.5500.

Aussie ran all the way up to 0.9457, after all the news that came out yesterday favoring risk taking.  There is a definite strong bullish trend on the Aussie, so look to buy dips. There are some Aussie bids coming in at 0.9250 – 0.9300.

Data today:

Eurozone CPI – 9am GMT

UK ILO employment rate – 8.30am GMT

BOE’s King speaks – 10.30am GMT

US industrial production – 1.15pm GMT