Your Currency Trading Profits

The US Dollar is trading quietly this morning. The Euro has held within Friday’s trading range so far, testing down to lows near 1.5365 early in Europe following another Financial Times article discussing US efforts to put a floor under the falling dollar. The British Pound is outperforming on after higher  than expected PPI data.  EUR/GBP has reversed most of Friday’s gains.

In a follow up to last week’s article on the subject, the Financial Times reports this morning that contrary to opinion in the Forex markets, it is US officials that are leading multinational efforts to put a floor under the falling dollar. The article says it was US officials who led the push for stronger language in the April G7 communique, rather than the Europeans as most thought at the time. US concern with US Dollar weakness is a  prerequisite for multi-lateral intervention operations to support the currency. To date, this support has been missing. As a result , this article and last week’s similar article are somewhat significant.

However, there is no indication yet that the US is prepared to go beyond the benign language of the April G7 statement and the “unnamed” US official quoted in the report notes the US is hoping that recovery in US growth and slowing euro zone growth will help the US Dollar recover.

Good luck and good trading.

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