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ECB rate decision/speech
By Laetitia Vaval | November 8, 2007
Trichet spoke this morning and as I wrote yesterday his speech was very important since any hint that inflation was still ECB’s primary concern could have sent the Euro to new record highs. Instead Trichet’s speech was rather mixed as he expressed concerns over both inflation and commodities/oil prices. The Euro didn’t “skyrocket” right after his speech since he was not as “obvious” as expected in hinting the possibility of December rate hike. The Euro is still very strong -trading between 1.4650 and 1.47 and there is increasing talk that it will hit 1.50 within the next few days/weeks.
I have an open long EURUSD position bought @ 1.4630 – stop is at 1.4450 -target 1.50. I’m up 62 pips right now. I also have an open SHORT USDJPY position that I opened a few days ago after reading one of Jamie’s technical analysis on dailyfx.com. I bought it at 115.40 – my stop is at 117.00 and my target is around 111.50 or below. I’m up 270 pips in this position.
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