Forex News Blog
Back to The Headlines
Friday July 7, 2006 - 09:27:44 GMT
Share This Story
ACM - www.ac-markets.com
Focus on Employment report
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Both European Central Banks left interest rates unchanged, GBP rates remain at 4.5% for the 11th month running, we will wait for their minutes to see if it was again a very clear-cut vote. The ECB left their rates at 2.75%, in the press conference that followed, President Trichet used a fairly hawkish tone. While he was far from committing himself to a rate hike in August, he was very upbeat on the economy and growth prospects. Comments such as â€˜the overwhelming sentiment to meet on August 3rdâ€™ and â€˜key rate is still lowâ€™ or â€˜ample liquidityâ€™ all point to a probable hike next month. The Dollar was offered as Trichet spoke, EURUSD traded up to 1.2790, Cable bounced from its intra-day low of 1.8335 to test the 1.8400 resistance, outlook for the day remains with a bearish Dollar bias. The BOJ has raised their GDP growth expectations for the year to 2.1% from 1.9% previously. Separately from the report, Finance Minister Tanigaki said that the end of Japanâ€™s deflation was in sight, but also said that market reactions after the missile launches needed to be taken in account by the BOJ when deciding on interest rates. There is now a majority of forecasters that believe the BOJ will lift rates next week.
Todays Key Issues:
Swiss Jobless rate fell to 3.1% in June from 3.3% previously after unemployment fell 7k. EURCHF hardly reacted, remaining near 1.57, the highest level in two months. German May Industrial Production is due at 10amGMT, it was up 4.6% last month for a YoY increase of 1.6%, no forecast is available. US June Non-farm payrolls at 2.30pm are the key event today. Expectations were for an increase of some 160k, after the strong ADP report on Wednesday, forecasts were raised to 250k. The data showed a 75k increase in May. The unemployment rate, due at the same time should remain unchanged at 4.6%.
The Risk Today:
EURUSD starts in narrow range 1.2765 / 1.2790, this will surely widen once data hit the markets. We keep a Euro-bullish bias and expect support at 1.2710 to hold firm, key support 1.2670. Buy dips, we expect to end the week near 1.2885 strong resistance, setting up a move towards 1.30 next week.
1-H GBPUSD: Stuck in a 60-pip range for the past 48h, it feels like the calm ahead of the storm. A break of the 1.8330/50 support area can spark a quick move down to test underlying trend-line at 1.8240/50, this would also be the 62% pullback-area of last weeks rise. A move through 1.84 should lift the pair to 1.85, key resistance is only at 1.86, but a high weekly close will cause us to expect further upside next week.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2885 S ||1.8600 K ||117.15 K ||1.2440 K |
|1.2825 M ||1.8500 S ||116.00 S ||1.2360 S |
|1.2790 M ||1.8400 S ||115.60 M ||1.2315 M |
|1.2775 ||1.8370 ||115.15 ||1.2295 |
|1.2745 M ||1.8330 P ||115.05 M ||1.2260 K |
|1.2700 S ||1.8230 K ||114.65 S ||1.2230 T |
|1.2670 K ||1.8160 S ||113.80 K ||1.2170 M |
|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..