by Lena Manousarides
The positive market sentiment seemed to fade away and the gains we saw printed yesterday were almost gone by this morning. Asian stocks dropped and the same happened to the European markets today. The risk aversion came back once again, after banks and companies declared losses and trader’s fear and uncertainty for the economic future resurfaced.
EUR/USD is trading on the downside once again and the slightly better than expected ZEW numbers we had this morning didn’t seem to give euro another push. Euro seems to be weak and some statements from ECB members as well as Trichet regarding further easing in December may be influencing the single currency for now. The bank said that they worry about deflation in the Euro area and therefore cutting rates might be the only way to go.
Today’s calendar is empty apart from the economic data we had out of Europe and let’s not forget that US markets are closed due to Veterans Day. The activity is already contained and traders are taking it easy today as the prospect of a closed US market does not seem lucrative for meaningful positions. However, the thin conditions might allow extreme moves as we have seen in the past and especially in such a fragile environment that anything is possible!
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**Having read this, I noticed there are some extreme moves occured yesterday. That alone cost me -166.58. Well, you gain big, you lose big. I wish I had cut my losses earlier but it seems I failed to follow my thumb rules. My mistake and I will not let it happen again!. Just for today, I’m not going to trade. Not just because of the market, but I’m extremly busing working out with some papers. Till then, hepi trading!
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