Forex News Blog
Back to The Headlines
Monday July 31, 2006 - 09:12:01 GMT
Share This Story
ACM - www.ac-markets.com
Dollar closes the week low
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Dollar continued to get jerked around on economic data releases. Friday it was a weaker than expected US 2nd quarter GDP of just 2.5% that lead to a new Dollar sell-off. EURUSD again traded up to 1.2770 but this time around the pair held these high levels to close the week bid. Cable mirrored the Euros price action, trading up to 1.8670 and closing the week high. While both currency pairs have formed a double-top at the high of last week, they are currently still holding short-term bullish trends and we suggest staying long Currencies for now, as the next test higher should witness an accelerated rise. The ECB will hold their interest rate meeting on Thursday. Beliefs that another hike to 3.0% is due should keep the Euro bid in early stages this week. The BOE will also hold its monthly interest policy meeting this week, they are not expected to change rates. Meanwhile speculation whether the FED could still hike rates next week is in full swing after doves point to the weak GDP data as final confirmation that the FED has done enough over the past 18 months. An outlook that US rates could sit at 5.25% while EU rates will continue ascending towards 4% certainly add some strain to the Dollar.
Todays Key Issues:
UK Net Consumer Credit data for June is due at 9.30amGMT. They are expected to come in at a slightly lower GBP 1.1Bln, down from 1.2Bln the previous month. Euroland July Consumer Confidence due at 10am is expected a notch higher at -8 from -9 in June, UK Consumer Confidence 30 minutes later is to remain unchanged at -4. At 4pmGMT the US July Chicago PMI Index is believed to shed just 0.5 points to 56.0.
The Risk Today:
EURUSD: High weekly close above 1.2730 leaves the pair bullish, short-term rising trend-line at 1.2700, key support 1.2665. Next try at 1.2770 should lift the pair to 1.2820, target this week is 1.2860.
1-H GBPUSD: Short-term bullish trend has support-line at 1.8615 this morning, 1.8670 was top on Thursday and Friday, the next try should give way for higher levels, target this week is 1.8850. Failure to move on higher from here risks a return to 1.8530 key support.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2850 S ||1.8775 S ||115.30 K ||1.2420 S |
|1.2820 S ||1.8700 M ||115.10 M ||1.2385 T |
|1.2780 M ||1.8670 M ||114.65 S ||1.2345 M |
|1.2750 ||1.8640 ||114.40 ||1.2335 |
|1.2735 M ||1.8615 T ||114.15 K ||1.2310 S |
|1.2700 T ||1.8585 S ||113.50 S ||1.2260 K |
|1.2665 K ||1.8530 K ||113.20 M ||1.2220 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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 10 Sep 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.