Appetite for risk of forex traders
July 2nd, 2009
This first meeting of the week began on a positive note instead. Indeed, indicators published in China and the euro area have suggested that the crisis is on track, thus enhancing the risk appetite of investors in the foreign exchange market at the expense of the dollar. Thus, the single European currency has now reached its highest level since the beginning of the year against the dollar, climbing above 1.42 dollar.
The first encouraging sign of the day was the publication of a further increase in May of manufacturing in China. Similarly, the PMI for the euro area has shown up strongly in May, far more than analysts had anticipated.
In this context, investors of currency markets expect the European Central Bank left its main rate unchanged at 1%, revealing in detail the passage of non-conventional measures to support the economic recovery.
Expected Thursday, unemployment figures in the United States could either strengthen the rise of the single European currency is reversing the trend. Traders will therefore remain very attentive to this key indicator before taking a position on the foreign exchange market.
Until then, the single European currency and other currencies including the pound sterling and Brazilian real, should enjoy the atmosphere of optimism prevailing in the foreign exchange market. Investors are abandoning the values shelter, contributing to the decline in recent days the dollar and the yen on the currency market.
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