The Sensible Guide to Forex by Cliff Wachtel

Author:Cliff Wachtel
Language: eng
Format: epub, pdf
ISBN: 9781118237458
Publisher: John Wiley & Sons, Ltd.
Published: 2012-07-23T16:00:00+00:00

For example, the primary driver behind the EURUSD uptrend in the spring of 2011 (in Figure 6.7) was that the European Central Bank (ECB) was expected to raise its benchmark short-term interest rate in April and later in the year. At the same time, the Fed was expected to leave its rates unchanged at much lower levels.4 Though the EU sovereign debt crisis was worsening, there were no immediate threats of defaults and markets focused on the shorter-term benefit of carry trade income from being long the EURUSD.

FIGURE 6.7 EURUSD Daily Chart, February 23 to May 3, 2011

Source: MetaQuotes Software Corp.

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