The U.S. Dollar felt pressure overnight because of stronger
Asian and European stock markets and struggled even more after the release of
the ADP Employment Services Report.
The move into equities overnight triggered more demand for
higher yielding assets and kept pressure on the low yielding U.S. Dollar.The move was a surprise because of tomorrowâ€™s
U.S. Unemployment Report.Some traders
felt the rally was overdone because of thin trading conditions ahead of the
Wednesdayâ€™s ADP Employment Services Report encouraged more
selling pressure on the Dollar as the actual report fell 26,000 jobs short of
pre-report guesses.The actual number of
jobs lost was 473,000 versus a guess of 498,000.
Despite being better than expected, this report showed that
the labor market is still worsening while the whole U.S. economy may be showing
signs of improvement.Investors realize
that labor is a lagging indicator and that improvements may not be seen for
months.Nonetheless, this number showed
that tomorrow the unemployment rate may hit 10%.
The EURUSD poked its head over a main top at 1.4177 to
technically turn the main trend to up.There was no acceleration to the upside following this move which leads
me to believe that thin market conditions helped to contribute to the attempted
The European Central Bank meets tomorrow.Traders expect the ECB to leave interest
rates unchanged at 1.0% even though earlier in the week, the Euro Zone reported
negative inflation.Instead of cutting
rates, the ECB may be considering an alternative stimulus plan to help revive
the economy.Traders will be glued to
the comments after the report to help gauge future movement of this currency
Among investor concerns is the price level of the Euro.Some investors fear the ECB will take action
if the rise in the Euro shows that it has had a negative effect on Euro Zone
Traders continued to react negatively to the report showing
the U.K. economy had its biggest drop since 1958.The recession currently being felt by Britain
is now even deeper than previously estimated.The Bank of England is on record warning people that the road to
recovery will be long and hard.
After posting a new high for the year yesterday, the GBP USD
closed lower and followed through to the downside today.The short-term weakness is no threat to the
uptrend, but a close under 1.6522 on Friday will reverse the week to down and
could lead to selling pressure next week.
The USD JPY continued its slow grind higher on Wednesday,
but weakened into the close as traders took precautions ahead of tomorrowâ€™s
U.S. Non-Farm Payroll Report.Some
traders lightened up their positions while others bucked the trend and went
short in anticipation of a worse than expected employment number.
Traders are estimating that tomorrowâ€™s U.S. Non Farm Payroll
Report will show a loss of 365,000 jobs in June.This figure would push the U.S. Unemployment
Rate to 9.6%.Because of Fridayâ€™s U.S.
market holiday, it is hard to say whether traders will be around to trade the
number or if they will wait until Monday to trade the news.Either way, the initial reaction should be
volatile especially if the guesses miss by a lot.
Disclaimer: Trading foreign
exchange on the margin carries a high level of risk, and may not be suitable
for all investors. The high degree of leverage can work against you as well as
for you. Before deciding to trade foreign exchange you should carefully
consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your
initial investment and therefore should not invest money that you cannot afford
Forex Trading News
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
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
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recent currency trading information. Scroll to the bottom of fx blog headlines
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Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
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