SubscribeDaily Futures Commentary July 2, 2009
Thursday, July 2, 2009
Despite taking out the June 11th top at 1.4166 yesterday, the September Euro did not accelerate to the upside and even failed to close above this price. Traders would not chase this market higher ahead of today’s European Central Bank announcement and the U.S. Non-Farm Payroll Report.
Like the September British Pound earlier in the week, investors were hesitant to print the high tick when the Euro tried to accelerate to the upside. Traders may have felt that increased demand for higher risk assets was not a good enough reason to initiate new positions or add to established positions without the support of bullish economic news out of the Euro Zone.
Although this market is trading close to the high for the year, buying has dried up since the first week in June when the Euro topped at 1.4327. Overnight this market is trading at the midpoint of the June range which indicates traders are non-committal given the recent economic information. The current chart pattern suggests distribution and topping action but investors may need more information before …
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