Forex News Blog
Back to The Headlines
Wednesday September 13, 2006 - 09:34:17 GMT
Share This Story
ACM - www.ac-markets.com
The US trade deficit jumped to a record high of $68.0bn in July
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The dollar rose to a two-month high against CHF near 1.2550 extending gains after BNS said it sees growth slowing next year. UsdJpy held near five month peaks at 118.15 in late Europe and US sessions. The Yen has faller as a run of weak economic data has convinced many markets players that the BOJ will be slow in raising rates from 0.25%. Against Yen and Chf, two of the lowest-yielding major currencies, investors are accumulating Dollar and Euro offering higher yields. The US trade deficit jumped to a record high of $68.0bn in July, up nearly 5% from $64.8bn in June. The $3.2bn increase was due to a combination of factors. Higher oil prices drove up the petroleum-related deficit by $1.0bn, while a 1.0% drop in exports coupled with a 0.6% increase in non-petroleum imports was responsible for the other $2.2bn deterioration in the deficit. It may not get much worse over the next few months. Indeed, the recent drop in oil prices suggests it will get a bit better. The EurJpy was little changed between 149.20- 149.80 range. Eurusd traded at 1.2667 lowest this morning close to the six-week low of 1.2650. Strategists said the euro inability to gain despite the bad US deficit date and more inflation suggested there is already a lot of â€śbad newsâ€ť priced into the dollar.
Todays Key Issues:
CA Labor Productivity 2Q is due at 12:30 GMT, -0.4% to -0.3% vs. +0.5% 1Q.
US treasury Secretary Paulson speaks on international economy at 15:00 GMT.
US Federal Budget Aug due 18:00 GMT, -$70B vs -$51.3 July.
The Risk Today:
EurUsd is expected to remain vulnerable following the recent break of 1.2695. This signaled an end to the past month's trading range, thereby exposing 1.2640 and 1.2570 thereafter, the 61.8% and 76.4% retracements of the 1.2456 to 1.2980 advance. Initial resistance is located at 1.2744, near yesterday's 1.2734 high. USDCHF Continues to climb and further upside is expected now to test on 1.2597, where a break there could pave the way for a climb towards 1.2736, the 61.8% retracement of the 1.3241 to 1.1919 decline. Support this morning comes in at Monday's low of 1.2400. GBPUSD is expected to weaken further over the near-term with initial resistance at 1.8780, Aug 18 low which also marks yesterdays high. A break below Monday's low of 1.8610 could pave the way for a decline towards 1.8493, the 61.8% retracement of the 1.8090 to 1.9146 advance. USDJPY maintains a firmer tone following the break this week of the former resistance at 117.51 and 117.89 has also been breached shifting the focus to 119.41, the Feb 3 high. Note too that a multi-year trendline / triangle resistance level comes in at 118.50. A clear breach of this level would mark a significant bullish development.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.8900 S ||119.41 T ||1.2640 S |
|1.2920 S ||1.8820 T ||118.50 S ||1.2597 S |
|1.2744 M ||1.8780 M ||117.89 P ||1.2548 T |
|1.2693 ||1.8745 ||117.57 ||1.2506 |
|1.2640 S ||1.8660 S ||116.60 K ||1.2400 T |
|1.2570 M ||1.8610 K ||115.50 S ||1.2360 S |
|1.2560 T ||1.8493 T ||114.75 K ||1.2310 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 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
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.