Close Open Orders: 2007-06-15 10:50
We saw US CPI, along with a plethora of other US data, go by and USD/CHF pretty much went no where. The headline CPI read came in at 0.7%, slightly above the 0.6% forecast, and the core number at 0.1% versus 0.2% forecast. We saw more mixed data as the TIC read was positive, but we got negative surprises in industrial numbers and consumer sentiment.
USD/CHF is pretty much where it started from right before this morning’s releases, trading around 1.2430, while EUR/USD shot up 40 points, GBP/USD up about 70 points, and USD/JPY up about 20 points from the pre-release levels. Strange.
Have a great weekend!
Trade Idea: 2007-06-15 00:50
For the last trade of the week we will focus on the USD and the US CPI report tomorrow at 8:30 am EDT. We see USD consolidation against the Swissy for the last few days as traders wait for tomorrow’s report, which will either support the recent sentiment of no US rate cuts or even the possibility of a rate hike.
Today, we saw PPI surprise with a positive read of 0.9% versus the 0.6% forecast by economists. This report usually gives us a clue of what we will see in the CPI report, so we may see a little positive surprise in CPI which should support the Greenback and push it further up against the Swissy.
Good luck and good trading!