http://www.gftforex.com/resources/analysis/analyst.asp?analyst=Boris%20SchlossbergThe latest market commentary from Boris Schlossberg, Director of Research, GFT (c) 2009, GFT. All rights reserved.5Dollar rallied strongly on the opening day of the first full working week of the year as enthusiasm over President elect Obama stimulus package pushed the unit higher against the yen while the euro suffered a 300 point loss on worries over the burgeoning Italian bond scandal. According to the Independent in UK , Italian municipalities may face as much as $35 Billion in losses over a financing scheme gone wrong, sold to the them by major investment banks such as UBS and Deutsche Bank. The Italian authorities are considering the possibility of suing the principal market makers or misrepresenting the risks to the municipal investors in these complex over the counter deals. http://www.gftforex.com/analysis/392/dollar-rallies-on-investor-optimism-at-start-first-full-week-of-the-yearMon, 05 Jan 2009 04:43:40 GMTWith Japanese markets closed for Emperors birthday, currencies spent the night in quiet pre-holiday trade essentially marking time until dealing desks close tomorrow evening for the Christmas holiday. The euro made another run at the 1.4000 level boosted by better than expected French consumer spending and Current Account data, but the rally fizzled into the early European session as traders continued to square up their books. http://www.gftforex.com/analysis/381/euro-makes-another-run-to-1-4000-in-thin-holiday-tradeTue, 23 Dec 2008 05:35:49 GMTEvidence of oncoming holidays was all around the currency market tonight, as trading slowed to a crawl and the economic calendar was essentially barren of any significant data. Nevertheless, the euro managed to stage a rebound rally pushing above 1.4000 once again as better risk appetite in Asian markets and the oversold conditions in the unit created a perfect set up for a short covering bounce.http://www.gftforex.com/analysis/380/euro-retakes-1-4000-at-start-of-holiday-weekMon, 22 Dec 2008 04:25:24 GMTAs we approach the holidays the currency market has taken on all the characteristics of Florida weather – just wait a minute and it changes. After completing a spectacular parabolic rise yesterday, the unit reversed course and produced an almost as impressive a fall in today’s early European trade. The pair went into a nose dive dropping more than 200 points in 20 minutes as it hit a low of 1.4040 before bouncing above 1.4100. http://www.gftforex.com/analysis/370/euro-unwinds-rally-as-volatility-massive-liquidity-scarceFri, 19 Dec 2008 05:17:47 GMTIn a liquidity starved session, the EUR/USD skyrocketed past the 1.4700 barrier in early European trade as momentum players ignored the worst IFO reading since 1982 and sent the unit flying after it tripped stops at the 1.4500 barrier. The breath taking ascent took place against the background of deteriorating economic conditions as the mantra of the currency market continues to be - yield, yield, yield. http://www.gftforex.com/analysis/369/euro-blows-past-1-4700-as-ifo-sinks-to-all-time-lowsThu, 18 Dec 2008 06:59:02 GMTThe anti-dollar rally continued in Asian and early European trade today in the aftermath of yesterdays surprising -75bp cut by the Federal Reserve, but the pace of gains was decidedly more muted as currency traders booked profits in the wake of lackluster equity market performance and downcast economic data from UK. http://www.gftforex.com/analysis/368/pound-stalls-as-unemployment-hits-highest-level-this-decadeWed, 17 Dec 2008 05:27:55 GMTAfter several straight days of triple digit gains both EUR/USD and GBP/USD stalled in early European session as traders locked in profits ahead of the FOMC decision scheduled for 17:15 GMT later today. In relatively quiet night of trade the euro fell back from the 1.3700 level hitting a low of 1.3628 as data from the EZ showed continued weakness in both service and manufacturing gauges. Cable dropped even harder to 1.5210 after reaching a high of 1.5477 yesterday despite hotter than expected CPI numbers.http://www.gftforex.com/analysis/367/euro-pound-run-into-a-wall-of-profit-taking-ahead-of-fomcTue, 16 Dec 2008 05:41:23 GMTEUR/USD got off to a strong start on the first trading day of the week, as optimism among Asian equity investors, whetted risk appetite pushing the pair to within a whisker of 1.3500 level in early European trade. Both Nikkei and Kospi propelled higher rallying more than 5% each on the day, boosted by a variety of factors from the expectations of bailout of US automakers to the more than 7% spike in Baltic Dry Goods index on Friday. http://www.gftforex.com/analysis/366/euro-gets-the-leg-up-on-the-weekMon, 15 Dec 2008 04:49:08 GMTUSD/JPY hit a 13 year low in Asian session trade today touching 88.15 after the US Senate failed to agree on a bailout package for the Big Three automakers. The news sent a wave of risk aversion flowing through the Asian equity markets as Nikkei tumbled more than 4%. Meanwhile the commdollars were the biggest victims of the news in the currency market with Aussie and loonie plunging more than 200 points from yesterday’s close. http://www.gftforex.com/analysis/365/dollar-yen-drops-through-90-as-us-senate-rejects-auto-rescueFri, 12 Dec 2008 05:29:06 GMTEUR/USD hit a high of 1.3157 in late Asian trade today as news of House passage of the auto-bailout bill and a short squeeze that tripped stops above the 1.3100 level helped fuel the pair higher. Although risk assumption remains a temperate support for the pair, euro’s new found strength cannot really be explained by simple risk flows.http://www.gftforex.com/analysis/354/euro-races-through-1-3100-–-whyThu, 11 Dec 2008 06:18:27 GMT