The Gbp/Usd is getting hammered after housing data in the UK indicates that their economy is not as rock solid as they've been trumpeting.
The Bank of England is expected to cut interest rates Thursday, which is a possible “buy the fact” event--- and the market is starting to price in the possibility of even more severe interest rate cuts down the road.
Finally, the rest of the press is catching on to the idea that other major countries besides the US are experiencing difficulties and that their currencies are susceptible to decline. Now they acknowledge that continental Europe's Euro currency could fall relative to the dollar. I'm sure they would be secretly happy about it. It is tough getting priced out of the world markets for the few things you actually do produce.
I finally got a FirstStrike Usd/Jpy trade, which subsequently got stopped out. Either the Eur/Usd must rally like mad or this will be a losing week.
FirstStrike Trade Status this Week:
- Eur/Usd: long @ 1.5717, stop 1.5657. Trade still in progress----
- Gbp/Jpy: long @ 204.32, stopped out @ 203.72 for a 60 pip loss.
- Gbp/Usd: short @ 1.9843, stopped out @ 1.9903 for a 60 pip loss.
- Usd/Chf: long @ 1.0168, stopped out @ 1.0108 for a 60 pip loss.
- Usd/Jpy: short @ 101.96, stopped out @ 102.56 for a 60 pip loss.
Current equity is $749.10.
Have a good evening.
Joel Rensink
www.infiniteyield.com
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