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The Euro remains heavy as it trades just above Friday?s lows of 1.4644, but like the British pound, forex positioning shows that the currency has hit a bearish extreme and is likely nearing a bottom.

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Forex traders remain hesistant to sell the US dollar, but with event risk out of the US, Euro-zone, Japan and Australia looming in the next 24 hours, there is still potential for a decline in the greenback. View Forex in 60 Seconds for more…

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Forex traders remain hesistant to sell the US dollar, but with event risk out of the US, Euro-zone, Japan and Australia looming in the next 24 hours, there is still potential for a decline in the greenback.

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* U.S. dollar off six-month highs versus euro

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Forex trading conditions continue to point to breakouts in the US dollar and other major currencies, and we forecast that Breakout and Momentum trades will continue to outperform through the week ahead.

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Demand for foreign exchange more than doubled last week rising from $149 million the previous week, to $326 million. This brings to $475 million total amount of foreign exchange sold for August.

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FOREX: Rupee loses 60 paise Heavy dollar-buying by oil companies amid thin volumes. Mumbai, Aug. 18 The rupee lost nearly 60 paise against the greenback on Monday following heavy dollar-buying by oil companies and other corporates. Though volumes were low, spot prices …

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KUALA LUMPUR, Aug 18 (Bernama) — The ringgit closed higher against the US dollar Monday on dollar-selling activities, dealers said. At 5pm, the local currency strengthened against the greenback at 3.3290/3330 compared with Friday’s closing of 3.3450/3480.

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* Euro up 0.4 percent at $1.4750, off earlier 6-month low

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Forex trading should remain volatile this week as event risk looms for the US dollar, Euro, British pound, and Canadian dollar. Given the sharp rally in the greenback over the course of last week, stronger-than-expected economic indicators for other regions could easily trigger reversals throughout the majors.

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