Forex News Blog
Back to The Headlines
Wednesday May 3, 2006 - 09:22:57 GMT
Share This Story
ACM - www.ac-markets.com
Australia with a surprise rate hike
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Dollar continued its slide, the Euro bullish trend is unharmed after 3 weeks, Cable reached a new high, nearing its September high at 1.8500. Tries for any kind of deeper correction to the sharp USD fall over the past few weeks have so far been fruitless, today we are trading at or near key levels in EURUSD 1.2665, GBPUSD 1.8500, USDCHF 1.2270, the possibility of a break and daily close beyond these levels cannot be ruled out, if it does, expect currencies to rise an additional 2% before the week ends.
Australian RBA this morning surprised markets with a 25bp rate hike to 5.75%. The tightening came with a statement of strong economic growth prospects in the world and in Australia in particular, domestic spending is up, the business environment remains strong and the credits continue to be in high demand. Growth in inflation has increased faster than expected on the back of high energy and commodity prices. The Australian Dollar had a strong run up to a new 7-month high of 0.7690, as in other currencies, it is nearing the Sep’05 top which lies at 0.7765.
FED Pianalto warned that the US Current Account cannot keep growing indefinitely, saying that foreign investors including government bodies will eventually become reluctant to add additional Dollars to their portfolios. This is surely not new, but comes add an odd time with the Dollar trading at 6-month lows – is it intent, to lead the market to continue with the current trend?
Todays Key Issues:
Euroland March PPI at 9amGMT ought to grow by an unchanged 0.4%, the YoY increase stands at 5.1% - this is high. Euroland March Unemployment will be released at the same time, it is expected to remain stable at 8.1%
At 2pm US March Factory Orders are forecast to increase 1.5% after just 0.2% the previous month. April Non-manufacturing ISM is due at the same time and is thought to stand at 59.5, down from 60.5 in March.
The Risk Today:
EURUSD: Medium-term trend-line at 1.2600 is still key, while above we should try the 1.2665 resistance, a break should see us make a new top above 1.27, max upside today 1.2770. Risk to the downside is for 1.2500.
1-H GBPUSD: 4-day trend-line at 1.8355 has survived a first test this morning, while above that we remain bullish and expect to test the 1.8500 resistance, maintaining a bullish outlook to move beyond that and reach 1.87 next. A break to the downside risks 1.8220 in the short-term and could easily extend down to 1.8150.
1-H USDJPY: 1-week bearish trend-line has reached 113.40, strong resistance level, view remain for a lower Dollar, a retry of the 112.35 level is on the cards, expect to extend that low to 111.55 by Friday. A break on top risks an immediate return to 114.00, next larger resistance at 114.85..
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2770 S ||1.8590 S ||114.50 S ||1.2450 M |
|1.2695 M ||1.8500 K ||114.00 S ||1.2385 S |
|1.2665 S ||1.8475 M ||113.50 T ||1.2350 T |
|1.2640 ||1.8420 ||113.20 ||1.2340 |
|1.2635 M ||1.8410 T ||112.95 M ||1.2300 M |
|1.2560 T ||1.8360 T ||112.35 S ||1.2270 K |
|1.2485 K ||1.8320 M ||111.60 K ||1.2205 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."
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 15 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Thu 14 Dec
23:50 JP- Tankan Survey
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: HIGH-Medium- Thu --23:50-- JP- Tankan Survey
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..