Tuesday, April 22, 2008

EURO hit 1.6019 but it is not a problem for DOLLAR?

EURO rallied through 1.60 at April 22 within New York trading session. But it seems it is the problem of EURO but not the DOLLAR. Why? I trade USDJPY and look at EURO as indicator and it seems no rush DOLLAR sales against JPY so the traders can commit risk trades. USDJPY is a good indicator for risk appetite of traders at forex market because it is good for carry trade. Previously when EURO broke 1.50 I've seen the panic sales of DOLLAR against JPY so the USDJPY rate was down to less than 95 YEN against DOLLAR. I've even seen the record high value of USDJPY hour bar - it was 158 pips down per hour against average value of 29 pips per hour. But yesterday the USDJPY rate was bouncing in a small coridor of about 60 pips for all the day and it stays at 103.

So it seems EURO at $1.60 is the great problem for Europe and very good for US economy.

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