Forex News Blog
Back to The Headlines
Thursday August 24, 2006 - 09:32:54 GMT
Share This Story
ACM - www.ac-markets.com
German Ifo expectations weigh on Euro
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
In slow trading on Wednesday, Currencies markets were confined to small ranges, waiting for the one piece of data in NY morning. US Exisiting Home Sales disappointed, shedding 4.1% the housing markets downturn seems to gather pace. EURUSD spiked to 1.2850 on this news, Cable briefly traded at 1.90, but the bulls joy was very short-lived, the Euro rise stopped as quickly as it had started and markets went the other instead. Overnight the Euro lost further ground, reaching a low of 1.2750, Cable fell to a low of 1.8880, USDCHF moved up to test its bearish medium-term trend-line at 1.2380.
The bearish market overnight could be attributed to the markets expectations for today‚Äôs German IFO Business Climate Index. The data was released a short while ago, the Index fell 0.6 points to 105, it fared better than many had expected, maintaining very high levels overall and the Euro was bought up from 1.2770 to return above 1.2810.
Todays Key Issues:
US Weekly Jobless Claims are due at 12.30GMT, the 4-week average has remained at 310/315k for more than a month, with the new data expected at 315k, this should not change. US July Durable Goods Orders are also due at 12.30, after a strong rise of 2.9% in June it is expected to fall 0.5%.
US July New Home Sales will be closely watched after the poor performance of the existing houses. Expectations are for a slower sales of 1.07m units, down from 1.13m in June.
The Risk Today:
EURUSD: A quick dip to 1.2750 was followed by a return into the bullish trend above 1.28. Remain bullish Euro, minor resistance 1.2830 cleared should see it raise to 1.2910, target remains for a shot at 1.30 by Friday.
4-H GBPUSD: The bearish resistance has held again yesterday and remains key level to watch, it will need to close the day above to move on to 1.9130 by Friday night. Supporting the bullish view is that fact that each Cable pull-back has had a higher low, indicating that the pair remains bullish in the medium-term. Minor support 1.8860, a breech risks a deeper sell-off down to 1.8735 max.
Resistance and Support:
|1.2825 M |
|1.8925 S |
|1.8855 P |
|115.30 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 26 February 2018
Upgrade Your Trading. Try The Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 26 Feb 2018
AA: Major, A: High, B: Medium
A 15:00 US- New Homes Sales
Tue 27 Feb 2018
A 08:55 DE- Jobless
B 13:30 US- Durable Goods
A 15:00 US- CB Consumer Confidence
A 15:00 US- Pending Homes Sales
AA 15:00 US- Powell House Testimony
Wed 28 Feb 2018
A 10:00 EZ- flash HICP
AA 13:30 US- GDP
A 15:30 US- EIA Crude
Thu 1 Mar 2018
A All Day final Mfg PMIs
A 13:30 US- Weekly Jobless
AA 13:30 US- Core PCE Deflator
AA 15:00 US- Powell Senate Testimony
A 15:30 US- EIA Crude
Fri 2 Mar 2018
AA 15:00 US- final Univ of Mich
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.