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Monday September 4, 2006 - 06:25:20 GMT
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ACM - www.ac-markets.com
Dollar slips in week with most U.S data in line
By Stéphane Marie - ACM Senior Trader
Yesterdays News and Events:
The Dollar ended the week on a soft note on Friday, slipping against the Euro and Yen after a slew of U.S. economic data did little to change the outlook for no further rises in the U.S. interest rates through the year. The Dollar made a fleeting move higher after a report showing August payrolls growth was slightly above expectations, but soon gave up those gains as a wave of short-covering ahead of the long holiday week-end petered out. The job reports was one of many economic indicators last week that landed not too far from market forecasts, giving investors little choice but to latch on to Federal Reserveâ€™s prevailing view that slowing economic growth will moderate inflation pressures down the road.
Todays Key Issues:
U.S. and Canadian markets are closed today for the Labor Day holiday.
The Risk Today:
Dealers say todayâ€™s holiday and a light data calendar keep volume light.
The Dollar-Yen slipped below its 117.06 right at the start of the Asian session and is continuing heading south then on.
Euro-Yen also headed lower from the start of the session, adding further pressure on Dollar-Yen, although the cross is managing to find support at the psychological 149.50.
Euro-Dollar hit a $ 1.2867 high, capped by talk of strong selling interest from $1.2880, the region where last weekâ€™s rally also stalled.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9195 S ||118.45 T ||1.2595 S |
|1.2920 S ||1.9160 T ||117.50 S ||1.2450 T |
|1.2880 M ||1.9100 M ||117.05 P ||1.2350 M |
|1.2860 ||1.9075 ||116.50 ||1.2280 |
|1.2810 S ||1.9060 M ||116.35 T ||1.2250 T |
|1.2785 K ||1.9010 S ||116.00 S ||1.2200 S |
|1.2725 M ||1.8990 K ||115.75 K ||1.2186 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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Amazing Trader EVENT RISK Calendar:
Mon 16 Oct /ul>
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
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.
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