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Daily OANDA Forex Blog (Sep 02, 2010 at 10:20:02am) — by Dean Popplewell

Better industrial data out of China and the surprising ISM print in the US has every, already confused trader, becoming ‘more lost’ in whatever convictions they have left. At least we have the NFP crap-shoot still to come, that is bound to surprise. We may give up all we have gained in a heart beat this week and we would be none the wiser! Interpreting trading strategies is like a new form of ‘ping-pong’, back and forth with risk appetite. This morning the EUR remains king and has managed to extend its gains in the wake of a well received French and Spanish auctions. The Euro-zone 2nd Q GDP revision to +1.9% vs. +1.7% also helps the currency plight. All we have to do now, is get over this morning’s US claims and pending home sales an hunker down for tomorrow’s NFP.

The US$ is weaker in the O/N trading session. Currently it is lower against 12 of the 16 most actively traded currencies in a ‘subdued’ trading range in the O/N session.

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