Tuesday, July 01, 2008

Quiet Day in the Markets.

There was little to report today in the FX markets. As I stated in my last post, I am waiting on confirmation before jumping on the Latin Market meltdown scenario. I have seen these little moves reverse themselves a bit to often for me to get involved just yet. What I did find interesting today was that The Brazilian Real weakened today, even though Stocks were slightly up on the day and Crude was basically unchanged. This cost me a few dollars as I was quite long the Real looking for a gradual move lower. Oh well there is always tomorrow.

Chile had almost an identical move to the one witnessed in Colombia on Friday. An early weakening of the currency followed by a late day rally. Today Colombia was on holiday, so it will be interesting to see what happens when these two markets reopen tomorrow.

Argentina was very quiet, and with a high yielding currency when quiet, the currency strengthened (which brought a smile to my face).

Not much of substance to add, and I expect the week to be quiet up to the employment number on Thursday. After the number I expect a quick exit as most Americans head to the beaches for the long holiday weekend.

Good Luck and Good Currency Trading.



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