Trade Team Update - - 7/31/08 (Non Farm Payrolls)
By FX Insights
Trade Team Update - - 7/31/08
I don’t know about you, but trading the market this week has pretty much fried my brain and we still have NFP to contend with… don’t expect any sanity in the markets tomorrow because all markets react and respond to NFP.
Today’s big event was the release of the GDP data. As we forecasted last night, the GDP data printed USD+, but printed below the market’s expectations. As you well know, the euro ran up and then fell down.
Why did this happen? Very simple… the initial reaction was against the dollar because the expectations were running so hot that a growth rate of 1.9% looked pretty bad… perception is reality in this game… so, the market took the euro up, it hit my key upside level of 1.5698 to the pip and proceeded to make a dramatic drop.
Some traders said the euro hit 1.5700 […]
Original post by adriaani001