EUR and GBP Volatile Before Rate Statements
November 5th, 2009 Posted in Chief Analyst Special Report, Market Analysis
Name: Greg Holden
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Following yesterday’s statements from the Federal Reserve, many of our traders seem to now be anticipating a sell-off of Euros and Pounds prior to the central bank statements from both governments later today. These interest rate statements are not expected to show any change in the inter-bank lending rates, but the build-up towards these rate statements has always generated heavy volatility in those nation’s currencies.
In the US, today’s Unemployment Claims report may have a heavier than normal impact considering tomorrow will see the release of US Non-Farm Payrolls. This may be one of the more important events in the forex market this month and our clients are getting their positions set in anticipation of the volatility which will likely follow. The Dollar has been bullish on increasing risk aversion lately, but traders now wonder if this trend can continue.
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