Forex Bull

OSAKA, Japan—-Panasonic Corporation and SANYO Electric Co., Ltd.

Continued here: German Producer Prices Drop Most in Six Decades as Oil Prices Declined (Daily FX)

The US Dollar consolidated gains against the Euro in overnight trading, with EURUSD contained in a tight range after a sharp selloff brought prices down to 1.42 having tested above 1.47.

Here’s a snippet from my Daily Currency Focus on GFTforex.com After seeing the US dollar sell off for 5 straight days against the Euro and Japanese Yen, we were not entirely surprised to see today’s recovery, especially on the heels of better than expected economic data.

The U.S. dollar fell on Friday, on track for the biggest weekly decline since 1985, while oil was pinned near 4-1/2-year lows under $40 after plunging overnight on a dismal outlook for energy demand.

Fri, 19th of December, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook Yesterday the EURUSD hit my long target at 1.4609 even further, topped at 1.4719 but further bullish momentum was rejected as the pair whipsawed to the downside, hit the bottom at 1.4186 (50% Fibonacci retracement 1.6038 – 1.2330 ) and closed at 1.4266 . Finally the bullish price momentum paused and the pair might in consolidation phase. Although we are still in bullish scenario in longer term, we might see another downside pullback attempt in nearest term, but short trades position is not recommended at this phase.

Just got back from dinner and it is late, so I am just going to share some thoughts from my scans instead of doing a whole video.

Europe’s various stimulus plans combined with extra welfare spending and lower tax receipts should boost growth by around 2.4 percent in 2009, the European Commission said late Thursday.

Since its introduction only ten years ago, the Euro has ascended at an incredible pace. Perhaps the best proxy for its respectability is its growing share (currently estimated at 27%) of Central Banks' foreign exchange reserves.

An overextended dollar sees a pullback on position squaring. Interest rates come back into focus for Friday with a BoJ rate decision and Canadian CPI scheduled.