Todayâ€™s trading in the Forex markets featured choppy,
two-sided trading.Early in the New York session the Dollar strengthened as a pair of
economic reports sent the Dollar higher and the stock market lower. Later in
the session, the Treasury announced another $75 billion auction.This news triggered a late session sell-off
in the Dollar.
Todayâ€™s U.S. ISM report fell more than expected indicating
that the economy may not be as strong as previously estimated.In addition the ADP employment report showed
a loss of 350,000 jobs in July which is an indication that Fridayâ€™s
Unemployment Report will show a further rise in the jobless rate.Both of these reports contributed to the
early strength in the Dollar as traders cashed in their long higher yielding
The GBP USD was the strongest currency pair.This market was buoyed by speculation that
the Bank of England would most likely announce the end of its asset buyback
program.This five month program
provided liquidity and economic stimulus when needed, but now that the economy
is turning around may not be necessary.
Additional support for the British Pound came from a better
than expected industrial production report and the news that home prices had
risen. Both of these reports indicate that the U.K. economy may be well on its way
The EUR USD also rose late in the session following a weaker
trade early.The Euro made a new high
for the week, but was unable to attract any fresh buyers.Speculators may be lightening up ahead of the
August 6th European Central Bank meeting.Early talk is that the ECB will announce interest rates will remain the
same.The surprise could come in the
commentary.Since the Euro Zone economy
has shown improvement since the last meeting, many traders expect a hawkish
commentary from ECB officials.
The USD CAD confirmed yesterdayâ€™s closing price reversal
bottom but still managed to close lower for the day.Weak energy and equity markets helped trigger
an early session rally, but buying quickly dried up when these markets could
not follow-through to the downside.This
market may still be in a position to form a short-term bottom.Speculators seem worried that the Bank of
Canada is getting concerned about the rapid rise in the Canadian Dollar and its
possible negative effect on the Canadian economy.
Trading in higher yielding Forex markets was mixed
today.Traders seemed confused as to
which side of the market to take as stock and commodity markets had a two-sided
trade.Speculators in the AUD USD and
NZD USD were not certain as to whether they should book profits after the rapid
rise put these markets in overbought territory.It seemed at times today that traders were also not sure as to what was
driving equity markets off the lows.
Late in the session the Aussie and Kiwi strengthened
after the Treasury announced another auction and the Dollar sold off, but the
inability of the equity markets to close positive weighed more on the AUD USD
and NZD USD then the bearish Treasu
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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