Forex News Blog
Back to The Headlines
Friday September 15, 2006 - 10:09:44 GMT
Share This Story
ACM - www.ac-markets.com
Dollar dips as traders await inflation data and G7 meeting
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The dollar fell against the euro for the second day in a row as European Central Bank warned on inflation. Eurusd was confined to a narrow range as traders maintained their current positions ahead of key US inflation data and this weekendâ€™s meeting of G7 members. A surprising rise in August US retail sales helped the dollar erase some losses, but the currency has been lower on the day; ending just under 1.2740 resistance. Eurusd high and low were 1.2750 â€“ 1.2680. US retail sales reassuring the market for a little time with a better than expected 0.2% increases in retail sales for August. Overall, a solid if not spectacular sales report. Coupled with the news of a slight decline in initial jobless claims; it represents a rare good day for the activity outlook. Usdjpy evolved in a narrow range 117.40 to 117.80. Eurjpy continued to process in favor of the Euro testing 149.90 high, low was 149.01. Gbpusd was up 0.9% from low 1.8756 to high 1.8921, boosted by strong GB retail sales and housing data. The Nzdusd was the biggest mover on the day, hitting a six-month high 0.6653 as the Reserve Bank of New Zealand sounded a hawkish note after leaving rates unchanged.
Todays Key Issues:
Eurozone Aug CPI due at 9:00 GMT, 0.1% vs -0.1%. US Aug CPI is due at 12:30 GMT, 0.2% (vs 0.4%). US Aug Industrial Production and Capacity Utilization due at 12:15, respectively expected 0.2% (vs 0.4%) and 82.5% (vs 82.4%). University of Michigan Confidence due at 12:45 expected 83.7% (vs 82%).
The Risk Today:
EURUSD remains in a tight range and it more looks like a bear flag formation. A break below 1.2640 could trigger a new round of weakness through 1.2570 (76.4% retracement of the 1.2456 to 1.2980). Initial resistance this morning comes in at yesterdays 1.2755 high. USDCHF retains a bullish tone above 1.2400. We look for extended gains beyond Wednesday's 1.2552 high en route to 1.2597 - the upside trigger for 1.2736 (61.8% retracement of the 1.3241 to 1.1919). GBPUSD is holding onto gains achieved this week around 1.8840. Further gains would pave the way up to 1.9094. The recent low at 1.8610 has been confirmed as key support and a break of it could open a bearish them searching for 1.8493 trendline. USDJPY is not far away from 118.50 trend-line resistance. Expecting, a break and a significant bullish development should pave the way for gains towards 119.41. On the other hand, going down would find support around 116.60. EURCHF maintains a bullish tone. We expect 1.5830, yesterdays low to provide a base and look for fresh gains towards psychological round number resistance at 1.6000. EURJPY might be seen as corrective in the near-term, developing bearish theme dominates while the 149.86 holds; just on top of 149.83 prior resistance.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9094 K ||119.41 T ||1.2640 S |
|1.2920 S ||1.8920 M ||118.50 S ||1.2597 S |
|1.2755 M ||1.8900 S ||117.89 P ||1.2552 T |
|1.2704 ||1.8840 ||117.45 ||1.2560 |
|1.2640 S ||1.8780 M ||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 T ||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.