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Daily EUR/USD, GBP/USD Forex Commentary September 12, 2012

Todays forex commentary is going to be short and sweet. As our members know I was developing a cold yesterday during the live room. Well now its turned into a full blown flu so I have been in bed until noon today.

Anyway lets get to the charts. The EUR/USD has made another push to the upside making either an extended move or a clearer third push. Im not going to say we should be looking for the reversal because todays trading will be based on one thing. The German Bundestag giving the OK to the ESM. Like I mentioned in the September 11 forex commentary there is about a 40% chance that they give it the NEIN and the EUR/USD is going to tumble. Since I am sick I will be taking the day off so maybe its not such a bad thing. It is believe me :)

The GBP/USD has seen the same extended move to the upside and will be looking to the German courts for more USD weakness with a positive ruling. The move on the GBP/USD will mots likely be subdued with the EUR/GBP having sizable gains also. I wouldnt be looking to trade this today even if I wasnt sick.

Forex News Today

As I mentioned earlier the big news today is the German Constitutional Court Ruling and they have slated the time for 4pm my time (4am EST). However this is not the only big on We also have a Dutch Parliamentary Election. The Dutch have been leaning more against bailing out other European countries and if they elect a parliament that is mostly against the bail outs then it will make it tougher on Draghi to follow thru with his plan.

Happy Trading


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