Forex News Blog
Back to The Headlines
Friday June 9, 2006 - 05:52:04 GMT
Share This Story
ACM - www.ac-markets.com
Dollar spikes on dovish ECB outlook
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Central Banks acted as expected, the BOE left its rate unchanged at 4.5%, staying put for the 10th month in a row, the ECB hiked 1/4% to 2.75%, its third move since last December. The Euro had remained underneath of a short-term bearish trend throughout the European morning, unable to cross 1.28. It softened to key support 1.2740 on position squaring of speculative long positions after the rate announcement, the hard fall to 1.2630 followed as ECBâ€™s Trichet delivered his press conference in which his tone was a lot less hawkish than three days ago, leaving room to guess whether we will get to see the expected two additional steps to 3.25% by the end of the year. US Weekly Jobless Claims were also supportive of the US Dollar, the fell 35k to 302k, its lowest level in 2 months. The US currency made good gains against the Swiss Franc and Japanese Yen and much less against the British Pound, the bullish trend in EURGBP seems to have come to an end at the 0.69 long-term resistance. The Dollar also fared very well against Silver and Gold, the yellow metal has reached a low of 608 overnight, the chart above reveals that the 600/610 area is 62% correction of this years rise and corresponds with the 7-month trend, this should be a good buy level, expect to hold here and reverse towards 635 in the near-term.The FED has again reported an increase in Foreign Central Bank US debt holdings, $8.65Bln were added in the week ending June 7th.
Todays Key Issues:
Lots of data today in Europe, here the essential: German Trade Balance early at 6amGMT is expected to soften to â‚¬11Bln from 14.3 in March.At 8.30GMT a widening UK visible Trade Deficit of Â£5.6Bln is forecast for April and at 10am German April Industrial Production should show an increase of 2.4%, fully reversing the prior months drop. The Euroland OECD Leading indicator is also due at 10GMT, no forecast available, it stood at 109 in April.The US April Trade Deficit will be key data today at 12.30GMT, an increase to $65Bln from $62Bln is expected. While high, it is still sustainable as long as investments keep funding the gap.The Preliminary U. Michigan Sentiment Index for June is due at 13.50GMT, it fell to 79.1 in May, no forecast available.
The Risk Today:
EURUSD: Traded in low range around 1.2650 overnight. Initial resistance 1.2665, 1.2700 acts as a pivot today. A lower weekly close is significant and indicates that a descent towards 1.2450 can be expected next week. For today bias to sell euro on a rise around 1.2690 and look to extend the downside to 1.2590, more is possible if US data is again very strong.
1-H GBPUSD: Cable trend this week, resistance at 1.8460, a breech can carry the pair to 1.8510/30, a higher weekly close is bullish. If the trend survives the week, a fall to 1.8345 is a must, but it may overshoot and fall to 1.8260, next medium-term support level is only at 1.8140.
4-H USDCHF: Strong rally topped 1.2375, it closed the day above 1.23, base for additional rise towards long-term trend-line above 1.25. Key support area today is the 1.2240/60 level, while this holds we will maintain a bullish Dollar bias.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2740 K ||1.8530 K ||115.10 K ||1.2520 K |
|1.2700 P ||1.8510 S ||114.45 S ||1.2420 S |
|1.2665 M ||1.8460 T ||114.05 M ||1.2370 S |
|1.2640 ||1.8430 ||113.90 ||1.2330 |
|1.2630 M ||1.8410 M ||113.85 S ||1.2300 M |
|1.2590 S ||1.8350 K ||113.40 K ||1.2260 K |
|1.2555 S ||1.8260 S ||112.45 T ||1.2180 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 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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..