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Scope : Online Forex Trading, Forex Signals, Forex Resources
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Aug 21, 2007

Today's Market Update

Follow the trading day with FOREX.com's Market Updates.

Published three times daily, after the close of each major trading session in Tokyo, London, and New York, each Market Update summarizes the key takeaways from each trading session. Find out the potential impact each major market may have on upcoming price action, and learn about important technical levels and events to watch

The Carry Trade theme is back in the spotlight today as traders reacted to various news reports that hit the headlines. Trading conditions have been ideal. Market participants have seen steady, consistent volume occur within above-average ranges. Volatility has been healthy, best characterized by “active”, while bordering on “quick” at times. The news that affected trading was all financial related, but varied by topic and geography.

Early in the London Session, rumors floated across trading desks that a UK insurer will announce negative news due to the sub-prime/credit issues plaguing the financial world. Traders did not hesitate to sell the British Pound, which turned out to be the first move of the session. GBPUSD collapsed from around 1.9850 to an eventual low in the 1.9745 area. EURUSD remained range-bound for the majority of London trading in the 1.3460-80 zone (though it just broke out to the topside), which propped EURGBP. The news had a negative effect on the “risky” Carry Trade as well. Consequently, EURJPY led the way lower, shedding about 150 pips from 155.00 to 153.50 at one point during the past few hours. USDJPY took the worst of it, as EURUSD traded tight, and plunged about 100 pips from 115.00 to 114.00. The Carry Trade has since rebounded and recouped a good portion of the losses, as shown by the current EURJPY level of 154.35. ......Read more......

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