Forex News Blog
Back to The Headlines
Tuesday May 9, 2006 - 05:48:23 GMT
Share This Story
ACM - www.ac-markets.com
Pause before FOMC storm
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The euro reached another high, 1.2785 was reached mid-morning in Europe. Cable rallied up to 1.8690 thanks to a higher then expected PPI in the UK in April, with this the inflation is bag in its target area and BOE doves take a backseat. As the up-move in Europe lost momentum, the interest shifted to USDJPY, which got sold down to 111.00. Much of the selling was done through EURJPY and GBPJPY. Both Crosses lost about 1% on the day, pulling down the Euro and Cable, they soon stood below the days opening levels. Overnight, the retracement continued and the Euro fell to 1.2685, near its bullish trend-line at 1.2675.
ECB Governing Council Member Garganas hawkish statement did nothing to stop his currencies weakening in the New York market. He sees Euroland growth accelerating faster than expected, pointing to healthy German Industrial Production, rising car registrations and falling Unemployment. He did not want to comment on some analysts expectations that the ECB could go ahead with a 50bp rate increase in June, except for confirming, that there had been members advocating it.
According to Japanese Jiji-news agency, next weeks monthly BOJ report will mention an expanding economy for the first time in 15 years! If that is the case, a first rate hike could come as early as the following month.
Todays Key Issues:
German March Industrial Production at 10amGMT ought to rise by 0.5%, pushing the good February result higher to a 7% YoY growth.
No major data in the US today, weekly Store Sales are due at 11.45am (ICSC) and at 12.55 (Redbook). At 2pm finally, a look at March Wholesale trade data, they ought to rise 0.5% after a 0.8% increase in February.
The Risk Today:
4-H EURUSD: Much closer to the bullish trend-line, buyers can get in with a tight stop, target for the week remains 1.2885 but no real progress is expected today ahead of the FED rate decision, potential sellers should act upon a break of the trend, expect a near 100-point dip to 1.2590 or even lower to the 1.2530 key support.
1-H USDJPY: A low of 111.00 but a daily close above of the 111.55 key support. For now however there is a bearish trend-line at 111.95 and a new attempt through 111.60 can get stated anytime, next medium-term target is 109.20, support at 111.00 and 110.50 on the way lower. Failure to close the day low will see us break the bearish trend, in which case a rise towards 113.40 must be expected first, before the market goes for the next deeper dive.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2820 S ||1.8720 S ||113.35 K ||1.2520 T |
|1.2765 S ||1.8630 S ||112.50 S ||1.2420 S |
|1.2730 M ||1.8585 M ||111.95 T ||1.2315 M |
|1.2700 ||1.8560 ||111.70 ||1.2290 |
|1.2675 T ||1.8510 K ||111.60 K ||1.2260 K |
|1.2645 M ||1.8430 S ||111.00 S ||1.2230 M |
|1.2535 K ||1.8200 S ||110.50 M ||1.2090 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 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..