USDJPY seems to be lifting EURUSD somewhat. There are some good sized bounties around 102 and slightly below - where it stopped short earlier.
Hardly a blip on the weekly jobless number. Just demo spot scalping a little now. After the bigger slide from ATH, the USDJPY was more sparky than the EURUSD - showing better range - and the EURUSD seemed capped at 1.3335 pivotal. There was also some 1.3318 S/R but it seems to have been washed out now. Trichet on Bloomberg UK.
Thomson's Jamie Coleman notes a european central bank offering on 1.3330. But the price has already shot through there ... it seems the quality of the "rumours" can't be taken too serious at many times, and some commentators seem to give worse comments than others - or be in a veritable latrine of rumours and urban tales. edit: well, that is - if he was not referring to the capping a few hours ago ... in which case it's .. well ... pretty useless.
So how do you sort out this kind of information? I mean if you have a doubt about the validity of it, wouldn't it make sense to ignore it completely--or not even look at it.
Most of it can be kicked out on basis of "common sense" and knowledge of market conditions etc. But in this case it could just be that he commented on something seen a few hours ago - and which annoyingly was released as a comment when it was at it's "most false" - i.e when it was not longer the case. As we saw the price shot right up through to 1.3350 as the comment was made - i.e some "alterior motives" in the making public of the former condition which was not longer a current condition. So, dealers and commentators frequently disinform markets etc. It just seems some commentators are easily susceptible to garbage and disinformation - and thus the credibility of those should be scrutinized better when reading their comments. I try and make some criticism known here - well, just to show how the rumour mill can work for you or against you. Of course other big traders might also like to disinform markets or other traders to their advantage. If I had a market-maker role I could try and do some "viral rumouring" to get some small gains. These market makers also go for the small prizes - like a few thousand USD - it's not always about the USD millions. So, don't believe everything you read - and question the motives for letting it public - especially if you see counter-indications - i.e trapping.
Right now we can see some pushing of the EURUSD off from the spot prices in the EuroFX futures. So some big EuroFX players would like to flash it higher ... They're fighting with around 2x200+ sizes above the spot price .. pretty nifty. Let's see if they can hold prices up - or are they bluffing, like Neal mentioned earlier. The USDJPY starts to move a little when EURUSD gets beaten down a little ... attacking the flanks ?
Well you know me I'm not into too much news especially rumors like that. Like everything else, sometimes they work sometimes they don't. But if you do your homework and sort through news/rumors/reports and then it might be possible to get a consistent edge. I think the trick is to give "weights" to different sources to come up with the final decision.
Just closed +19 on that move downwards. It seems difficult to get those quick scalps now, but these kind of "tormented moves" seems to show some tug-of-wars prominent in the market. That is interesting with regards to overall sentiments. Wonder if it had anything to do with the rumour released via Jamie Coleman - in which case I hope they got a taste of wooden stake impalement ..
Seems EURUSD and GBPUSD tangoed the USD higher. Will be nice to see EURUSD below 1.3300 again - a very nice place for tomorrow's NFP. edit: Guess next time I better catch more of the move too - especially when getting it right from the top. A 70+ ticks move would be a nice swing to take .. edit2: I think the "buying dips" strategies touted by everyone right now should be considered well and thoroughly before set off. edit3: lower oil prices are paraded as the rationale for the movement. What a crock.