Forex News Blog
Back to The Headlines
Thursday September 7, 2006 - 08:59:31 GMT
Share This Story
ACM - www.ac-markets.com
Dollar steadies after a jump on strong U.S. Labour data
By Stéphane Marie - ACM Senior Trader
Yesterdays News and Events:
The Dollar steadied on Thursday after getting a boost the previous day from a surprisingly big jump in the U.S. labour costs that suggested the Federal Reserve may have to raise interest rates further. The 5 percent jump in unit labour costs during the second quarter raised the prospect that rising wage pressures would prompt the Fed to resume the string of rate increases it paused last month at 5.25%. Overall, major currencies remain stuck in tight ranges as market players see the Fed likely to hold rates steady, the ECB tightening policy more in the coming months but the BoJ taking a go-slow approach to lifting rates. The Japanese central bank began a two day monetary policy meeting on Thursday. The pound found its footing around $ 1.8850 after sliding more than 1 percent in the past two days on soft economic data and worries about building pressure on Prime Minister Tony Blair to give a timetable for leaving office. Indeed, the GBP got hit very hard again yesterday with a plethora of funds and UK corporate selling. Euro tripped some stops below 1.2800 but there was much talk of â€˜official buying at 1.2770/80 to underpin the pair. The neutral Beige Book put USD on the back foot again but it was nothing serious.
Todays Key Issues:
Uk BoE Rate Decision at 12.00 BST (unanimously expected unchanged at 4.75%).
U.S. Initial Claims and Continuing Claims at 13.30 BST.
The Risk Today:
Another Asian quiet session with EuroJPY being the only real mover. A Japanese institutional bank was seen selling Dollar Yen prior to the fix but was then seen buying shortly afterwards. Offers at 116.90 and bids at 116.50 have confined the pair to a narrow range. We hear of light stops just above 117. Euro Yen pushed higher and this took out some offers at the 149.60 area and some stops just above. The next level is the psychological 150 where the next round offers are clustered. For the Euro there is some talk of stops above 1.2840 but it looks like there will be plenty of offers up to 1.2860/70. Stops below are at 1.2750.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9010 S ||118.00 T ||1.2475 S |
|1.2920 S ||1.8980 T ||117.65 S ||1.2420 T |
|1.2870 M ||1.8915 M ||117.20 P ||1.2370 M |
|1.2802 ||1.8810 ||116.90 ||1.2350 |
|1.2770 S ||1.8775 M ||116.00 T ||1.2275 T |
|1.2740 K ||1.8710 S ||115.50 S ||1.2210 S |
|1.2725 M ||1.8660 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."
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 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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..