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The last trading session of this week brought mixed US dollar performance which appreciated further against European currencies(euro and the pound) but lost a some of its gains against yen. Overall the dollar is up for the week and I suspect we'll see a modest continuation of dollar strength at the beginning of next week. The biggest event next week will be Yellen's testimony in Congress which might give the dollar another(large) leg up, if she sounds optimistic and her comments give more chance of a next rate hike in March. But if the market interprets her words as dovish we will witness yet another dollar selloff. In the meantime we also have a lot of economic data coming, so for sure it won't be a boring week in the FOREX markets.
I'm ending this week with modest gains. I achieved a little over 200% gains so far in February's Contest and found myself in the top 10 which is not bad at all. My balance was actually much higher on Friday morning but I opened some trades shorting yen that brought me losses and depleted it. I expected the euphoria in USD/JPY to go on, but it took a pose instead.
The one thing that really puzzled my mind was my EUR/GBP trade that I had to close breaking even. I really thought euro will be sold much faster than the pound and I expected to see at least 0.8450 closing. But it was the cable that just kept tanking lower and lower yesterday. Now I wonder if EUR/GBP short could be a trade next week, but 0.8500 - 0.8490 proved to be such a hard nut to crack.
I'm ending this week with modest gains. I achieved a little over 200% gains so far in February's Contest and found myself in the top 10 which is not bad at all. My balance was actually much higher on Friday morning but I opened some trades shorting yen that brought me losses and depleted it. I expected the euphoria in USD/JPY to go on, but it took a pose instead.
The one thing that really puzzled my mind was my EUR/GBP trade that I had to close breaking even. I really thought euro will be sold much faster than the pound and I expected to see at least 0.8450 closing. But it was the cable that just kept tanking lower and lower yesterday. Now I wonder if EUR/GBP short could be a trade next week, but 0.8500 - 0.8490 proved to be such a hard nut to crack.
