stock markets struggled most of the day to stay positive in another round of
low volatility, light volume trading. Early in the session, the markets rallied
following the release of a better than expected consumer confidence report but
sellers took the opportunity to sell the move.
The prospect of higher interest rates seems to be weighing
on equities at this time. In addition, investors seem reluctant to buy equities
ahead of Fridayâ€™s U.S. Jobs data. The E-mini S&P 500 is still in an
uptrend, but threatening to break further as buyer seem to be searching for
June Treasury Bonds and June Treasury Notes traded in a
tight range on light volume. Last week yields in both of these instruments rose
substantially as demand was less than stellar at the bond and note auctions.
This week traders have been standing aside because of Fridayâ€™s U.S. Jobs
Report. Traders seem to be reluctant to take a sizeable position ahead of this
important report. Oversold conditions could trigger a short-covering rally as
traders may lighten up positions ahead of the report.
The direction of the Dollar dictated the direction in June
Gold today. With inflation â€śsubduedâ€™ and the situation in Greece under
control, it looks as if gold will have to rely on the Dollar once again. The
stronger Dollar helped push gold toward the important $1000 psychological
Stronger demand for higher risk failed to boost June Crude
Oil, but this market was mostly affected by the falling Euro. Upside momentum was
building which could have driven this market through a pair of main tops at
83.70 and 83.80. Throughout most of the session, crude oil traded sideways to
lower. Unless the Euro turns positive, look for the downside pressure to
The Dollar reversed earlier weakness to close higher after U.S.
consumer confidence data came out better than expected. The friendly report
served as further evidence that the U.S. economy may be recovering
faster than the Euro Zone. This means the Fed is likely to begin raising
interest rates before the European Central Bank.
Upside momentum slowed considerably overnight which helped
weaken the Euro on the New York
session opening. The buzz over the European Union/International Monetary Fund Greece
bailout plan seemed to be fading also. As expected, the June Euro broke back
into a minor 50% retracement level at 1.3402. This price held, but the
short-covering rally following the test of this level was weak.
Traders also reacted to a shift in the interest rate spread
between U.S. Treasury and German financial instruments. 10-Year Note yields
rose above the German Bund making an investment in U.S. Treasuries a more
attractive investment. This also helped to pressure the Euro throughout day
Finally, the Dollar rose against the Euro as Greeceâ€™s
seven-year notes fell in the initial day of trading. News that the auction of
Greek 12-year bonds attracted less than half the debt offered also contributed
to the weakness in the June Euro.
The June British Pound posted a strong gain early in the
trading session following an upward revision in Fourth Quarter GDP. The final
GDP figure showed the economy expanded by 0.4% during the fourth quarter, up
from the previous estimate of 0.3%. Economists claim upward revisions in
services and construction were responsible for the increase.
Despite the bullish news, this market is still in a down
trend and struggled with a key 50% level at 1.5080. By the end of the day, the
British Pound was trading well below its high for the day.
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
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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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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