Tuesday, November 21, 2006

Forex News: Dollar Stuck in Narrow Range

Forex News

18:50 Japan October Adjusted Merchandise Trade Balance (exp 666.7 billion yen, prev 419.9 billion yen) Japan October Merchandise Trade Balance (exp 771.4 billion yen, prev 1013.9 billion yen) Japan September All Industry Activity Index (exp ¡V0.1%, prev 0.7%) 04:30 UK Bank of England Monetary Policy Meeting Minutes 05:00 E-12 September Industrial New Orders y/y (exp 9.3%, prev 14.3%) September Industrial New Orders s.a. m/m (exp ¡V2.4%, prev 3.7%) 07:00 Canada October Core CPI y/y (exp 1.7%, prev 1.7%) October Core CPI m/m (exp 0.1%, prev 0.5%) October CPI y/y (exp 1.0%, prev 0.7%) October CPI m/m (exp ¡V0.1%, prev ¡V0.5%) 08:30 US Weekly Initial Claims (exp 310k, prev 308k) 10:00 US University of Michigan Consumer Sentiment-Rev. (exp 93, prev 92.3)

The market is pretty quiet and most currency pairs are trading in narrow ranges before Thanksgiving. The EUR/USD pair is moving between 1.28 and 1.2850 on Tuesday. The euro is firm after ECB chairman Trichet stressed inflation risks on G-20 over the weekend. The market will focus on University of Michigan consumer sentiment due tomorrow.

EURUSD will face interim resistance at 1.2850, followed by 1.2870 and 1.29. Additional ceilings will emerge at 1.2930, backed by 1.2950. Support starts at 1.28, backed by 1.2765, 1.2730 and 1.27. Subsequent floors are eyed at 1.2650.


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