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Tuesday October 26, 2010 - 10:23:56 GMT
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ForexPros Daily News October 26, 2010

ForexPros Daily News October 26, 2010


Forex - GBP/USD soars to 4-day high after upbeat U.K. GDP data

Forex Pros – The pound was up against the U.S. dollar on Tuesday, soaring to a 4-day high after the release of significantly better-than-expected U.K. third quarter GDP data.

GBP/USD hit 1.5869 during European morning trade, the pair’s highest since October 20; the pair subsequently consolidated at 1.5859, soaring 0.87%.

Cable was likely to find support at 1.5663, Monday’s low and resistance at 1.6002, the high of October 18.

Earlier in the day, the U.K. Office for National Statistics said that GDP increased by a seasonally adjusted 0.8% in the third quarter, after rising by a revised 1.2% in the preceding quarter. Analysts had expected GDP to rise 0.4% in the third quarter.

The report said that the increase was due to strong growth in the services, production and construction sectors. Total services output rose 0.6% in the third quarter while total production output also rose 0.6% and construction output rose 4.0%.

The pound was also up against the euro, with EUR/GBP tumbling 0.89% to hit 0.8802.

Later in the day, the U.S. was to release industry data on consumer confidence and house prices as well as official data on manufacturing.

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Forex - EUR/USD turns lower as dollar sentiment firms up

Forex Pros – The euro edged lower against the U.S. dollar on Tuesday, falling to a 2-day low, as the dollar firmed up on the sense that expectations for further monetary easing by the Federal Reserve were already priced into the market.

EUR/USD hit 1.3907 during early European trade, the pair’s lowest since October 22; the pair subsequently consolidated at 1.3949, shedding 0.10%.

The pair was likely to find support at 1.3857, Friday’s low and resistance at 1.4157, the high of October 15 and an 8-month high.

Earlier in the day, data showed that Germany’s Gfk consumer climate outlook for November remained unchanged at 4.9, after rising for in the four preceding months. Analysts had expected the outlook for November to rise to 5.2.

The economic expectation indicator rose by 2.5 points in October to 56, up for the fifth consecutive month. The report said that consumers expect that the German economy will continue to recover based on positive trends in the labor market.

Also Tuesday, official data showed that German import prices rose more-than-expected in September.

Meanwhile, the euro was down against the pound, with EUR/GBP shedding 0.40% to hit 0.8846.

Later in the day, the U.S. was to release industry data on consumer confidence and house prices as well as official data on manufacturing.

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Daily
Forex News Provided By Forexpros

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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.

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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:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

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  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



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

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

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