MP FOREX ADVISORY

It was difficult to ascertain any clear sense of direction this week in the forex market – a week that was loaded with significant news announcements, including the British and European Interest Rate Announcements and Monetary Policy Statements. The EUR/USD began the week by posting its lowest price since March 2006; however, the pair reversed course and made a singificant correction during the remainder of the week, closing just shy of the 1.2100 level. The GBP/USD was far more choppy. The Cable started the week with a bearish gap, followed by a sharp V-reversal on Tuesday, which sent the pair all the way up to 1.4757. Then, the pair made another sharp V-reversal, sending the pair back down to near the 1.4500 level.  We believe that there are great trading opportunities around the corner by taking adavntage of these current levels of volatility.  We will keep you posted.

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