Forex News Blog
Back to The Headlines
Thursday April 20, 2006 - 05:33:03 GMT
Share This Story
ACM - www.ac-markets.com
Commodities driving Currencies
Yesterdays News and Events:
European Currencies were bought once more and reached new highs this week, while the euro is starting to stall at 1.24, Cable traded up to 1.7935 to reach its target. The Dollar weakness was felt most strongly in other markets, Crude Oil closing at a new all-time high above $72, Gold jumped nearly $20 to near $540 and Silver is reaching its 1983 top of 14.75, it has gained over 65% since the beginning of the year.
US March CPI was up 0.4%, right on expectations, core CPI at 0.3% which was higher than expected, but hawks kept mum about it and the Dollar was sold strongly in the NY market after it had held steady in the European morning.
The BOE Minutes resembled very much the previous month with an 8:1 vote for keeping rates unchanged. Interesting to note that the concerns focus on the underachievement of the inflation target, quiet the opposite we hear from other Central Bankers at the moment.
In an effort to keep political pressure on the BOJ, LDP Yamamoto raised his voice against a an early move calling the prospect of a rate hike in June or July ‘absurd’, suggesting to wait at least for CPI revisions in August.
Todays Key Issues:
The day is filled with data starting with UK March CPI at 8.30GMT, its forecast to grow 0.4% (0.3% previous), YoY change at 2%.
Euroland CPI follows at 9am, its thought to grow by a faster 0.6% (0.3%) and a YoY increase of 2.2%, YoY core CPI at 1.3%
US Weekly Jobless Claims at 12.30GMT should improve slightly to 309k from 313k last week, the 4-week average runs at 307k. US leading indicators at 2pm are forecast to remains steady after falling slightly in February. The April Philadelphia FED Index is due at 4pmGMT and is expected to rise to 15 from 12.3 last time around.
The Risk Today:
4H EURUSD: Last time we looked at this chart we traded near the bottom of the slow rising blue channel, 72h later we cannot possible add more Euro longs. Minimum risk is a fall to yesterdays 1.2290 low, 1.2235 strong support is the 50% retracement of the move up this week. Resistance at 1.2399 is key, a break risk an extension to 1.2475, the medium-term resistance.
Daily GBPUSD: 1.7935 has been reached, this should be a fairly strong resistance, being the last major point ahead of the long-term trend-line above 1.82. Expecting 1.79/1.80 to top the markets this week, I’d like to put on some shorts for a move back down to the 1.7650/1.7750 range. Chances of a break on top are not at all over, don’t forget to place a stop-loss, but we think the resistance is strong enough to hold the markets off for a few days or more.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2475 K ||1.7990 S ||118.65 K ||1.2825 K |
|1.2430 M ||1.7935 K ||118.35 M ||1.2765 S |
|1.2399 S ||1.7900 M ||118.00 S ||1.2715 M |
|1.2355 ||1.7885 ||117.60 ||1.2690 |
|1.2290 S ||1.7870 M ||117.50 M ||1.2670 S |
|1.2235 S ||1.7835 S ||117.35 S ||1.2650 M |
|1.2110 K ||1.7715 S ||116.35 K ||1.2565 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 18 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
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
John M. Bland, MBA
- 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
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..