Asia was down, the USDYEN is sliding sideways, Europe is looking weak, the futures are down a bit - looks like another choppy day.
Consumer Confidence (or Con Con) comes out at 10 A.M. and my FOREX buddies should start watching the charts beginning at about 10 minutes to till 10 minutes after. Con Con is expected to be low which is a Fed stimulus to lower interest rates which makes the U.S. dollar cheaper (think of lower interest rates as I can borrow more for the same monthly payment and since all money is created by borrowing more money means cheaper money). If the USD becomes cheaper (again) that means a drop in USDYEN and a rise in EURUSD, GBPUSD, and so on. Just guessing - not a fact.
So if the USDYEN drops then we expect the Q's to drop along with much of the rest of the market.
Have a good trading day.
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1 comment:
Pre market news can mean a lot.
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