Forex News Blog
Back to The Headlines
Wednesday September 6, 2006 - 08:46:22 GMT
Share This Story
ACM - www.ac-markets.com
The Yen takes a breather from short-cover rally
By Stéphane Marie - ACM Senior Trader
Yesterdays News and Events:
The Yen steadied against other major currencies but players were seen likely to keep unwinding record high yen short positions ahead of key events including the Bank of Japanâ€™s policy meeting later in the week. Speculations about the BOJâ€™s future policy and topics that could be discussed at a meeting of Group of Seven finance ministers later this month could support the Yen. Robust Japanese capital spending data, a key factor determining monetary policy, released earlier in the week has kept alive the possibility that the BOJ could boost interest rates against later in the year after lifting them for the first time in six years in July. Yen short covering had accelerated as investors were getting ready to trim huge Yen short positions. Reports indicate that Japanese demand for foreign assets in August has been the highest this year. The RBA kept rates on hold last night and barriers at 0.7725 and 0.7750 have kept a lid on AUDUSD. The Aussie fell after data showed that Australiaâ€™s second quarter gross domestic product grew a smaller than expected 0.3 percent from the previous quarter. Tech support is at 0.7670/75.
Todays Key Issues:
Uk Industrial Production (MoM/YoY) at 09.30 BST.
CAD BoC Rate decision at 14.00 BST (unanimously expected unchanged at 4.25%).
U.S. ISM Non-Manufacturing at 15.00 BST.
The Risk Today:
Overall it has been a very quiet session in Asia. The only notable movement has been a rebound in the Yen. Dollar Yen bounced off yesterdays low around 115.50 and short term traders ran to cover their short positions pushing the market back above 116. Euro Yen saw similar short covering during the Asian hours. Yen has bids at 115.70/80 and Euro Yen at 148.60.
Euro marked time and only drifted with the â‚¬/y movement. There are stops in the market at 1.2795 but some bids just below at 1.2780, also reports of heavy offers in the 1.2840/70 area.
Kiwi has a resistance at 0.6490 and stops below 0.6430, NZD looks vulnerable!
The Bank of Englandâ€™s MPC starts a two day â€˜rate settingâ€™ meeting.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9150 S ||117.25 T ||1.2475 S |
|1.2920 S ||1.9100 T ||116.70 S ||1.2420 T |
|1.2870 M ||1.9020 M ||116.35 P ||1.2370 M |
|1.2832 ||1.8932 ||116.33 ||1.2326 |
|1.2770 S ||1.9010 M ||115.50 T ||1.2275 T |
|1.2740 K ||1.8890 S ||115.25 S ||1.2210 S |
|1.2725 M ||1.8860 K ||114.75 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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Tue 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
Fri 22 June 2018
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.