Foreign Markets took a beating

Discussion in 'Forex' started by leo11, Oct 28, 2008.

  1. leo11


    The foreign markets took a beating last night with the Hong Kong market losing over 12%. The US markets managed to avoid a steep sell-off with the release of a better than expected new home sales report. The market sold off in the final hour of trading but not nearly as bad as the foreign markets. We don't anticipate huge volatility as we wait for the FOMC results Wednesday. There usually is a little response to the durable goods report but the main event will be the interest rate announcement. We are still focused mainly on the currencies even though we did enter a couple of es orders that were not filled. We are currently up 38% for the month and are well above our 10% per month goal
  2. leo11

    Currencies certainly are the trades to be in right now. You think US Dollar Index will hit greater than $1.05 by Q2 2009?
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  4. leo11


    I think the dollar will strengthen but not because of it's own strength. The global economy is obviously weakening and since the currrency crosses are relative to one another the dollar will strengthen in comparison. Most of the commodities have lost about half of their value already with much of it attributed to the dollar. Personally, I don't think the bottom is in yet and think the dollar will continue to strengthen in comparison to the other currencies.

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