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Paul Koszarny · 30-04-2003, 05:46

There may be some truth in seeing a covert war among NATO alliances. The recent initiative of Germany and France of forming their own military forces to combat they know what has met with sharp criticism from the UK government. Cracks visible on NATO shell don't help the dollar. Furthermore, a US official reportedly told his counterparts in Brussels that a stronger euro versus the dollar is in retaliation for Europe's opposition against the war in Iraq. Soon we may see trade forms of retaliation no matter what WTO declares. In Iraq mobs cheer in support of Saddam and dinar. The Iraqi currency has gained about 50% versus the dollar in the free market due to simple supply and demand law but the fact is enough to ignite fresh anti-American demonstrations. EUR/USD hit 1.1135 which is daily resistance for today. Gold is breaking higher today after 6 sessions of consolidation. It reflects dollar weakness and also may be a harbinger of further profit taking on equities. The first model hour is at 12:00-13:00CET with support 1.1087 and resistance 1.1128 followed by 19:00CET. Long positions closed.

30-04-2003, 05:46	#8 (permalink)
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Rep Power: 0	EUR/USD hit 1.1135 There may be some truth in seeing a covert war among NATO alliances. The recent initiative of Germany and France of forming their own military forces to combat they know what has met with sharp criticism from the UK government. Cracks visible on NATO shell don't help the dollar. Furthermore, a US official reportedly told his counterparts in Brussels that a stronger euro versus the dollar is in retaliation for Europe's opposition against the war in Iraq. Soon we may see trade forms of retaliation no matter what WTO declares. In Iraq mobs cheer in support of Saddam and dinar. The Iraqi currency has gained about 50% versus the dollar in the free market due to simple supply and demand law but the fact is enough to ignite fresh anti-American demonstrations. EUR/USD hit 1.1135 which is daily resistance for today. Gold is breaking higher today after 6 sessions of consolidation. It reflects dollar weakness and also may be a harbinger of further profit taking on equities. The first model hour is at 12:00-13:00CET with support 1.1087 and resistance 1.1128 followed by 19:00CET. Long positions closed.