Excerpt from: Futures and Commodity News
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| July 10, 2007 | | Spread bets, CFD and spot forex trades on the U.S. dollar | Spread bets on the U.S. dollar should consider shorting, at least for a short time, as taking profits is the strategy right now in spot forex trading. Spread bets, CFDs and spot forex trades should consider that many traders are selling the U.S. dollar to take their profits as news from policymakers is awaited. Reuters reports on taking profits in spot forex trading:
Investors were seen lightening positions and taking profits
until they are given any clearer direction from Bernanke, the
BoC or elsewhere. "The market bias at the moment seems to be that the path of
least resistance remains to sell the dollar," Bank of America
currency strategist Kamal Sharma said. | | |
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