Emerging Markets looking good
Emerging Market currencies are looking stronger on the opening today, after a clearly jittery session yesterday. I am hearing that over 1 billion usd were purchased on the BMF (Brazil futures market) to cut down on existing short positions. Usd/Mxn,Usd/Clp along with other regions (Try,Isk) all opening on the strong side. Will it continue? Time will tell but I like being short for the time being (I have been this way for months now).
Yesterday the Mexican CB yesterday all but ruled out a rate hile when stating that he felt inflation was contained. The market took this news very good. Buying Mexican interest rate products and sell dollars in the spot market.
My plan stays intact. I am currently long higher yielding currencies (although yesterday certainly tested my resolve) and I continue to ride the curve in Mexican Forwards and look for rate cuts in Brazil.
These are the FX Trading Comments for today.
Good luck and Good Forex trading.
FXTRADINGIDEAS@AOL.COM
Yesterday the Mexican CB yesterday all but ruled out a rate hile when stating that he felt inflation was contained. The market took this news very good. Buying Mexican interest rate products and sell dollars in the spot market.
My plan stays intact. I am currently long higher yielding currencies (although yesterday certainly tested my resolve) and I continue to ride the curve in Mexican Forwards and look for rate cuts in Brazil.
These are the FX Trading Comments for today.
Good luck and Good Forex trading.
FXTRADINGIDEAS@AOL.COM
posted by Banker at
Tuesday, February 13, 2007
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