honestly, I've focus a lot on the majors (usd/jpy, aud/usd, eur/usd, gbp/usd) and due to limited capacity (or time) don't keep up on the news with other pairs. Looking at the history, it's been running a strong bull trend for pretty much the second half of october (after a continued large selloff from sept running through oct... eur/usd also had that but recovered by wk1 of oct), but triggered a large sell off about the same time as the eur/usd last week. From what i've seen, it seems gdp #'s for august came out and killed off the bullish trend of the end of oct. It seems highly correlated with commodity and specifically oil prices and risk appetites (increased demand for riskier assets such as equities and futures brings currency, a risk averse tool, into bearish trends). Thats why even though we are seeing positive numbers for the US, the eur/usd still remains in a bullish trend... good numbers also mean people are looking back at wallstreet because its growing again, its making riskier assets more attractive as well.Originally Posted by tony
some big employment numbers (non farm) are coming in the next few minutes.
edit: employment numbers came out pretty bad off than expected. look for possible bull run
Ps. FOMC is scheduled to announce decision today at 2:25pm.... almost guarenteed to see % rates remain the same, thus if rates change we could see a very high unexpected increase in confidence (wallstreet would be happy). We could also see the Eur pushing 1.49 again if something that unexpected happens. Key support is still remaining at the 1.4700 and 1.4680 levels. Saw a small sell off prior to the start of the NY opening but has regained for the most part and sits at 1.4750
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