Forex News Blog
Back to The Headlines
Monday August 7, 2006 - 09:36:29 GMT
Share This Story
ACM - www.ac-markets.com
Dollar was left down last Friday
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Last week, a soft payrolls report left the USD down against all of the major currencies as the market bets the FOMC will leaves rate on hold on Tuesday, and possibly for the remainder of the year. Non-farm payrolls for July rose by just 113k versus consensus of 145k and up slightly from 124k in June. Most of Forex traders now no longer expect one final 25 bp rise in the funds rate at this week's FOMC meeting and instead expect the Fed to be on hold for the rest of this year and will be easing rates in 2007.
The ECB's Bini Smaghi said on Sunday that he sees further increases in interest rates in the coming months. He said the ECB's acceleration in rate hikes was due to higher than expected growth in the first half of the first year (look closely Tuesday Euro zone Industrial production June data this week).
Todays Key Issues:
This morning Swiss Jobless July data came, as expected, unchanged at 3.1%. Today numbers; GB June Industrial Production (prior -0.7% June) and Manufacturing Production (prior 0.9% June). Later today, US June consumer Credit (previous $4.4b May). Looking ahead to this week and unit labor costs are also due on Tuesday ahead of the FOMC decision. The trade balance is due on Wednesday and retail sales on Friday. The worst case scenario for the USD this week clearly would be a dovish Fed, a widening in the trade deficit and a disappointment in retail sales.
The Risk Today:
All the Forex market will be waiting for tomorrowâ€™s FOMC Meeting. Eurusd must stay in range 1.2825 to 1.2920, but the trend show that we can test 1.2950 and therefore 1.2982 June high. Gbpusd is still on top of last week bullish trend but it likely could correct from 1.9195 strong resistance to short term support 1.8950. UsdJpy deep failing from 115.55 to 113.99 will set the maximum range till tomorrow. It can recover to 115.30 Key level.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2982 K ||1.9300 K ||115.80 M ||1.2450 T |
|1.2950 T ||1.9195 S ||115.60 S ||1.2420 S |
|1.2920 M ||1.9110 T ||115.30 K ||1.2350 M |
|1.2875 ||1.9080 ||114.70 ||1.2220 |
|1.2825 S ||1.8950 K ||114.65 S ||1.2220 M |
|1.2745 M ||1.8850 M ||114.00 K ||1.2200 S |
|1.2700 T ||1.8740 S ||113.50 K ||1.2186 K |
|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..