... Income is finally beginning to stabilize & unemployment is falling...
Uhhmm, did you miss the numbers today?
Unless you have some major economic influence or are sitting on the panel of a countries policy makers... I'd keep your opinions about 'recession being in it's dying days' to yourself.
You could make yourself look an @$$.
Unless of course you don't mind looking like an @$$, then go right ahead.
After all, who cares about being accountable for what they say these days, right?
Well, Forex online Traders were cautious when trading the Franc after news of more currency intervention by the Swiss National Bank in an effort to weaken the Franc’s recent surge against the Dollar and Euro.
Switzerland is an export driven economy and a rise in valuation for the CHF could damage trade further. Data on Friday showed the Swiss Economic Institute's economic barometer had risen to negative 1.65 points for the month of June.
The rise was the first one in nearly two years and came in better than the negative 1.76 that was anticipated.
The Euro (Eur/Usd) gained 40 pips throughout the Asian session, something that shows the market is in a risk-tolerance mode. However, the pair now needs strong momentum to move anywhere higher, since the euro is trading just below the 20-day moving average and at the same time just below 1.4000 area, which is an important swing point.
The Pound (Gbp/Usd) bounced from the 1.6320 area during the early Asian session, something that helped the pair gain 60 pips, up to the neutral pivot point (1.6385). On the intra-day charts, the pound appears to be forming a descending triangle pattern, which is usually seen as a bearish formation.
The Aussie (Aud/Usd) rose 50-pips from tonight’s Asian open helped by the gains the major currencies posted compared to the dollar during the Asian session. However, now the aussie is trading just below the neutral pivot point (0.7970), an area which may hold the pair for the next few hours, until the London session opens.
The Cad (Usd/Cad) declined as much as 40 pips during the Asian session, something that rarely happens since the cad usually trades on very thin volume at this time of the day. On Thursday, the cad rose 160 pips retracing every pip the cad gained in the prior day, on Wednesday.
The Swissy (Usd/Chf) bounced from the 1.0900 area just before Friday’s session opened, something that made the pair decline approximately 30 pips during the Asian session. On the downside, the next major support area might be the 20-day moving average, which has acted as a major swing point lately.
The Yen (Usd/Yen) traded in a 25-pip range throughout the Asian session. On the upside, the range was delimited by the 96.00 area, while on the downside by the low made on Thursday. At the same time, on the daily chart the yen is trading just above trend-line that connects the 06.19 and the 06.25 highs.
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The Yen is under pressure as a result of upcoming Japanese national elections in August. The ruling party had some local election losses this past Sunday, which is sparking fears about change that might affect their economy.
This period of uncertainty will be around until it is clear who will win the election, and only the success of the current government will take the fears out of the trading community.
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