Nalhan
12-19-2006 19:00, 07:00 PM
Now, folks, this Thai fiasco is fueling the currency market more than anything. If you haven't heard about it see and go on Reuters or Bloomberg. It's totally a fundamental scenario, the Thai regulation declared yesterday basically decimated their stock market in a attempt to devalue their currency. The planned currency devaluation has been an attempt to cheapen their exports and discourage speculation.
Thank God I see this material like a hawk, because out of this advice, purely technical, I was short on Cable yesterday. When it happened I reversed and now have 3% on my account in less than 24 hours, minus the drawdown from quitting the shorts.
What occurred was that the fear of a new Asian bust like back in'97, when it was fueled by Thailand. There were major safe-haven inflows into European currencies now from Asiathey avoided the USD due to the current weakness. US Econ data must have moved USD stronger now outside of this movement, but it's an global market. I hope you don't trade entirely technically...
Thank God I see this material like a hawk, because out of this advice, purely technical, I was short on Cable yesterday. When it happened I reversed and now have 3% on my account in less than 24 hours, minus the drawdown from quitting the shorts.
What occurred was that the fear of a new Asian bust like back in'97, when it was fueled by Thailand. There were major safe-haven inflows into European currencies now from Asiathey avoided the USD due to the current weakness. US Econ data must have moved USD stronger now outside of this movement, but it's an global market. I hope you don't trade entirely technically...