Wednesday, November 30, 2011


As global banks including Bank of Canada, Bank of England, ECB and Fed all agreed to lower the cost of borrowing USD, allowing more dollars to access the market and ease the tension on the financial markets, EURUSD rallied from just under 1.33 to 1.35.

This also helped EUA to gain ground and jump to nearly 8.50 EUR on Dec11 Futures after morning sideways trading. Part of the jump was also due to short-covering.

Carbon exited the channel and the sideways movement and turned higher. We see 8.50 -8.60 EUR as a significant resistance level to be tested.

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