Wednesday, July 1, 2009

A 'perfect' money making opportunity?

This is crazy stuff! It's seldom that an opportunity like this was so well directed. The pair? EUR/USD! A sell @ 1.4180.

"Currencies are well bid heading into the London fix, with broader risk appetite looking quite healthy as market participants also look to buy back into equities. The raft of economic data out of the US has come and gone and the result has been on the whole on the weaker side. The earlier releases of MBA mortgage applications, Challenger job cuts and ADP, were all discouraging, while ISM manufacturing and pending home sales were in line to slightly better. Finally construction spending was weaker than expected. The Canadian Dollar continues to outperform after showing some strong demand on the cross rates and tracking some 1.50% higher against the buck, aided by an impressive rally in oil prices. Meanwhile, the Yen is the underperforming currency, down some 0.32% against the USD on the day. All major US equity indices are well bid on the day, led by the DJIA, up some 1.50%. Commodities are also well bid with both oil and gold surging by 2.25% and 1.50% respectively."

- Source: Daily FX

I'm gonna go along with this and see what happens.

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