Good Morning Traders and Investors,
Yes, I played hooky yesterday to take advantage of the Wasatch powder. Locals Have More Fun right? It wasn’t as light as usual as temps moved from near 0 to the high 20’s. I took my wife on a “practice” mountain tour, which included her digging out of heavy powder “somewhere” in the trees.
Seemed like a pretty good day to take off as the forex markets were sideways as we get closer to more economic data (PPI this morning a non-event) and the Fed tomorrow (a BIG event!).
Today already provided one DOUBLE FALL LINE trade as the dollar showed early strength (on the back of weaker equities in Asia and Europe).
As far as longer term setups, the EUR/USD has weakened substantially and has now found the first retracement level at23.6% If the trend in the dollar continues to be weak, this may provide a point of support. None of the other currencies have weakened against the dollar this substantially:
A bonus chart – USO retraced significantly over the past few weeks and with oil prices depressed to just under $70.00, seems like oil and hence USO is catching a little bit of a bid:
Happy Trading and Be Environmentally Cool
