The US stock market rally in computer and consumer shares lifted the Dow Jones Industrial Average 150 points to 13,362.37 and the S&P500 increased 0.7% to 1465.81 as investors think it’s a good time to get in. The FX market moves accordingly as risk aversion drives the direction of carry trades.
The dollar weakens after the ADP estimate for July’s US non-farm payroll came in at 48k fell below market expectation of 100k.
Today's important news will be the rate decision from BOE and ECB, expects no change. But market will see the statement from ECB President Trichet, if he signal further tightening needed, the EUR is likely to strengthen.
Sell USD/CAD at 1.0600 for target 1.0350. Stops at 1.0755
DOMAINS YAHOO FOR CONFERENCE CALL SERVICE
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