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Tuesday November 11, 2008 - 14:01:16 GMT
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Forex News: Semi Holiday but stock market is open

Today is Veterans Day in the US and Rememberance Day in Canada.  Although the stock markets are open, it is a banking holiday and as a result, the activity is likely to be light.  We at FXDD honor those who have served in the armed forces in America and Canada today and thank you for serving.  We also remember those who died fighting for freedom around the globe.

Overnight, the ZEW Economic Sentiment indicators in Germany and the Eurozone improved overnight as efforts by the central banks to fight the financial turmoil were viewed positively.  Nevertheless, the overall levels are still at low, low levels.  The German ZEW came out at -53.5 versus -63.0 last month.  Meanwhile the Eurozone ZEW came in at -54.0 vs. -62.7.  The two measures tend to mirror each other (see chart above).

In other news overnight, the UK Trade Balance improved to -7.4 billion pounds from -8.2 billion. The lower pound contributed to an increase in exports.  Going forward, the benefits from the lower pound may be offset by the slower global growth.  

Last night, the NAB Business Confidence and Conditions indices fell sharply.  The Confidence fell to -29 from -8 and the Conditions index fell from -1 to -11.   The AUDUSD fell off the news but has since stabilized.  Yesterday, the AUDUSD fell after rallying early on the China stimulus.  Fundamentally, a infrastructure package by China should be a benefit to the Australia mining industry.  Australia has been a large exporter of commodities like copper to China for their building needs.  

From a technical perspective the AUDUSD remains near the lows but is consolidating (like most other currencies).   The currency will be influenced by the trends in the commodities.  Currently, copper and the precious metals are all down on the day as is the CRB index. 

Trading forex is risky and should only be done with risk capital that will not change your lifestyle. Traders could lose all of their risk capital trading forex. FXDD does not guarantee any recommendation made within this commentary. Traders should make market assessments and take trading positions based on their own personal market analysis, risk tolerance and financial condition. In addition, care should be made to only use leverage which is congruent with your personal risk tolerance. Although care was taken in creating this report, FXDD does not guarantee the accuracy of the information

 

 

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Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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