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Traders circle the Pound like vultures!
By Sean Hyman | April 24, 2009
Traders are circling the British pound like vultures this morning as a news article came out that said that Moodys is considering cutting the U.K.’s AAA credit rating.
This has caused the EUR/GBP pair to come to the top of the % gainers list (up 1.69%) and GBP/JPY and GBP/CHF are at the very bottom of the % list (coming in as the biggest % losers on the day).
Also, the dollar is noticeably weak this morning…which puts NZD/USD, EUR/USD, AUD/USD towards the top of the pack too.
One thing that I’ve noticed in the past week or so…is that there have been several major companies that have beaten their earnings lately. What does that have to do with forex? Tons…. If that “streak” continues overall, then it could mean that the worst is behind us (like I’ve been saying for a bit now) and that we could be “starting” the process of coming out of the recession.
If so, this could bode well for the yen crosses overall (to the upside)…especially the commodity currencies vs. the yen (AUD/JPY, NZD/JPY, etc.)
Sean Hyman
www.forextradingblog.com
Tags: article, AUD, blog, CHF, commodity, currencies, dollar, EUR, forex, forextrading, gbp, jpy, news, nzd, pair, pound, recession, Sean Hyman, trade, trader, trading, USD, Yen
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