lots of data out today!

One more day of weak news coming out of the US (US ADP September US employment change came down to -39k), pushed the dollar even lower. According to the IMF the Euro is valued fairly but the dollar is slightly undervalued, which I completely agree to.

The Euro pushing all the way up to 1.3930, and it definitely looks as though the trend is intact despite the Greece concerns and Ireland’s downgrade. We will have to see this afternoon what the ECB has to say. I’m hoping to see some retracement to the downside.

The yen as well pushed lower to 82.75 with no signs of BOJ intervention. Lets see how long it takes before the BOJ intervenes.

I’m thinking markets are going to be fairly quiet today considering all the data coming out later this afternoon, so let’s see how things go, I’m going to be wishing for some retracement to the downside, not sure if my wishes will come true.

Data today

German industrial production – 10am GMT

ECB rate decision – 11.45am GMT

ECB Trichet speech – 12.30pm GMT

UK industrial production – 8.30am GMT

UK manufacturing production – 8.30am GMT

BOE rate decision – 11am GMT

US initial jobless claims – 1.30pm GMT

US consumer credit – 7pm GMT