At least half the guys I know are sitting there with their hands on the sell button, praying for the Euro to go higher so they can short it at a better price. In other words, they have stopped selling so the price is climbing.
Is NFP an opportunity to sell EUR’s higher?
This week, the market has had the credit crunch talk, the recapitalization debate and Trichet’s signing off with his future infamous phrase, “we are in a global crisis”. The week is nearly finished, just one more release of significance and it happens to be the grandaddy of all fundamental prints, non-farm payrolls. There has been less banter than usual amongst dealers after ‘private’ payrolls and weekly claims. The market tends to hear some boisterous revisions. This morning’s release is more about a ‘hope and play’ print. The last minute chatter is leaning towards a weak payroll. Consensus is ... (full story)