Forex News Blog
Back to The Headlines
Thursday June 15, 2006 - 09:42:41 GMT
Share This Story
ACM - www.ac-markets.com
What will support the Dollar today?
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Dollar tried higher levels early on Wednesday but failed to bypass the weekâ€™s highs, EURUSD held well at 1.2535, USDJPY re-tested levels above 115.30. US CPI was strong, particularly core CPI was again up 0.3%, expectations are for core CPI to continue rising strongly, confirming the view that the next FED rate hike is just around the corner, but it also enforces fears of an economic slow-down. The Dollar was sold after the data release, trading to 1.2650 in EURUSD. Cable had the biggest pip-gain, rising to 1.85 from 1.8350. The Bank of Japan left interest rates unchanged at 0% and they refrained from making any hawkish remarks, outlook is for the zero-rate policy to remain in place for another 2-months at least. Support for the YEN came in form of USDCNY trading a full day underneath of the psychological 8.00 barrier as the Chinese authorities continue to let their currency strengthen gradually. FED officials continue with hawkish comments, yesterday it was Dallas FED Fisher turn to say that the FED was doing the right thing controlling inflation, that they were not behind the curve and that further moves had to be expected. The next FOMC meeting will be held on June 29th.
Todays Key Issues:
The day started with a 25bp hike by the Swiss National Bank to rise interest rates to 1.5%. The move was anticipated and EURCHF went bid after the announcement. UK May Retail Sales are up 0.5% as expected, YoY growth stands at 4%, the April data was revised to 0.7% from 0.6%. Euroland May CPI is expected to increase 0.3%, Core CPI should grow just 0.1% for a YoY increase of 1.4% US weekly claims at .30 are expected to rise to 320k from last weeks surprise dip to 302k. The 4-week average is forecast to dip to 322k. At the same time the US Empire State Survey for June is forecast to weaken to 11 from 12.4 in May. At 1pm, Net Foreign Securities Purchases for April are expected slightly lower than the $69.8Bln in March, but at a still very high and Dollar supportive $65Bln. US May Industrial Production at 1.15pm should increase 0.1% (0.8% in April), Capacity Utilization ought to remain unchanged near the 82% level. Finally the June Philadelphia FED Survey at 4pmGMT is forecast to drop to 11 after 14.4 in May.
The Risk Today:
4-H EURUSD: Its traded a full day outside of the bearish trend and done a minor correction to 1.2635 so far. This is an important resistance, and we continue to look to extend the lows slightly closer to the 1.2470/1.2500 level over the next day or two. In case of a rise through the top, expect EURUSD to advance to 1.2700 or even 1.2750, suggest selling such a rally.
Daily USDCHF: It rose to 1.2420 yesterday and is currently back at 1.2320. 1.2300 is strong support, 1.2260 is key level and medium-term bullish trend. For the rest of the week we look to continue ascending towards 1.2470/1.25 key resistance.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2745 K ||1.8610 S ||116.00 S ||1.2470 K |
|1.2685 M ||1.8530 K ||115.30 S ||1.2410 M |
|1.2630 S ||1.8460 M ||114.95 M ||1.2355 S |
|1.2610 ||1.8435 ||114.90 ||1.2320 |
|1.2585 M ||1.8420 M ||114.65 M ||1.2290 M |
|1.2550 S ||1.8345 K ||113.85 S ||1.2260 K |
|1.2470 K ||1.8280 S ||113.00 T ||1.2170 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:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 19 February 2018
Upgrade Your Trading. Try The Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 19 Feb 2018
AA: Major, A: High, B: Medium
00:00 CN, US- Holiday
Tue 20 Feb 2018
00:00 CN- Holiday
A 10:00 US- ZEW Survey
Wed 21 Feb 2018
00:00 CN- Holiday
A All Day flash PMIs
A 15:00 US- Existing Homes Sales
A 15:30 US- EIA Crude
AA 19:00 US- Fed Meeting Minutes
Thu 22 Feb 2018
A 09:00 DE- IFO Survey
A 09:30 GB- GDP
AA 13:30 CA- Retail Sales
A 13:30 US- Weekly Jobless
Fri 23 Feb 2018
A 10:00 EZ- Final HICP
AA 13:30 CA- CPI
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.