Tuesday, 27 Oct 2009

U.S Consumer Confidence will Determine Today's Trend

The U.S. Dollar awaits the publication of the US Consumer Confidence report at 14:00 GMT. The result is expected to be 53.7, slightly higher than the previous result of 53.1. This economic news release is expected to be the key driver of forex trading, specifically the USD's main crosses, as the U.S market opens.

So far today, the EUR/USD pair is virtually unchanged at the 1.4865 level. The greenback is actually trading about 50 pips lower against the GBP, following a bearish movement for the GBP/USD in last week's trading. Against the Japanese currency, the USD/JPY is currently trading at 92.10.

The other release today that is set to determine the levels for the USD and its most traded pairs and crosses is a speech by Treasury Secretary Timothy Geithner at 20:00 GMT as well as the Japanese Retail Sales figures at 23:50. These are the main events for today, and are set to determine the strength of the main crosses. Therefore, it is advised that you open positions in the major pairs now.