Forex News Blog
Back to The Headlines
Wednesday April 26, 2006 - 08:47:00 GMT
Share This Story
ACM - www.ac-markets.com
The Euro taking the lead
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
While the USDJPY has started retracing its sharp fall from Monday and the Cable and the Swiss Franc’s advances seem to stall, the Euro has again traded to a new yearly high of 1.2440 and the prospect remain bullish for more. German IFO Business Climate Index was one cause for the sustained bullish move, it was up half a point to a 15years high of 105.9. The Euroland Current Account in February showed a deficit of €5.6Bln, lower than expected, the Trade deficit on the other hand improved to €3.1Bln, thanks to lower imports. But it was a combination of stronger than expected Home Sales of 6.92m units and a four-year high of 109.6 in the US April Consumer Confidence data that caused the largest intra-day volatility, the Euro fell from its 1.2440 high back to 1.2370 and it took the rest of the NY session to move back up to end the day bullish.
Minutes from the March FOMC meeting revealed a clear 11-1 vote in favor of hiking US interest rates to the present 4.75% level as core inflation was judged to be at the upper side of its desired band and the economic growth appeared solid.
ECB executive board member Gonzalez-Paramo with some very hawkish remarks said that growth forecasts were lifted slightly and that the pace of rate hikes could increase.
Todays Key Issues:
UK first Quarter GDP data is due at 8.30GMT, an increase of 0.6% is forecast, YoY growth is up 2.2%.
Euroland February Industrial Production at 9am is expected up 0.2% after remaining steady in January. YoY it should be up by a healthy 3.1%.
US March Durable Goods orders at 12.30GMT is seen up 1.5% down from its transportation-driven increase of 2.7% in February. US New Home Sales at 2pm finally are forecast to stand at 1.06m units, down from 1.1m in February.
The Risk Today:
1H EURUSD: Current dip must stop here at 1.2400, else a new dip to 1.2370 and probably further correction down to 1.2330 must be expected. But for as long as it holds, remain bullish and expect us to stretch the top to 1.2485, in case momentum picks up against the other currencies, the bullish move could reach 1.2560.
1H USDJPY: Minor corrective wave has developed, trend-support at 115.05 and target of 115.60, key resistance and 38% retracement-level of the week-end fall. A breech to the downside sends the pair to 114.30 first, medium-term target 113.50ish.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2510 M ||1.8000 S ||116.40 K ||1.2820 K |
|1.2485 K ||1.7935 K ||115.60 S ||1.2760 M |
|1.2450 S ||1.7890 M ||115.25 S ||1.2715 T |
|1.2420 ||1.7830 ||115.05 ||1.2695 |
|1.2405 T ||1.7815 S ||114.95 T ||1.2670 M |
|1.2370 M ||1.7770 S ||114.30 S ||1.2560 K |
|1.2330 S ||1.7680 K ||113.45 K ||1.2450 S |
|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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
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.
Request a TRIAL of Max's Forex Service.