Forex News Blog
Back to The Headlines
Wednesday October 18, 2006 - 09:32:48 GMT
Share This Story
ACM - www.ac-markets.com
Dollar fell again after US PPI data had little impact.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The dollar gave back some of the previous two weekâ€™s gains on Tuesday after mixed economic data. Market is waiting today CPI expecting signs of a direction change in US interest rates. The â€śZew indicator of Economic Sentimentâ€ť dropped slightly by 5.2 points in October. Compared with minus 22.2 points in September, the indicatorâ€™s current level of minus 27.4 points is now far below its historical average of 34.3 points. US September PPI showed mixed number; it fell -1.3% against a -0.6% forecast. This number missed, for now, to confirm investorâ€™s expectations for interest rates cut in the next year. In addition, the Dollar has been boosted after the Treasury Department reported an August Net capital inflows of $116.8B, sharply up from $32.9B in July and widely over the $50B forecast. The Bank of Canada kept interest rates steady on Tuesday at 4.25% as expected but revised down its economic growth forecasts and it is looking for a decline in inflation. Usdcad traded up to 1.1415 yesterday high. Eurusd traded in narrow range 1.2516 to 1.2566 not far from last Friday 1.2578 high. UsdJpy traded as low as 118.40 in late US session. Market keep pressure on UsdJpy since last Friday and weâ€™ve seen large taking profit.
Todays Key Issues:
Bank of England Minutes of October Meeting will be release at 8:30 GMT. At the same time are due; GB September Jobless Claims change expected 0k vs -3.9k, GB August ILO unemployment rate (3months) expected 5.5% unchanged, GB Average earnings (3 months) expected 4.3% vs 4.4% (YoY). Are due at 12:30 GMT; US September CPI expected -0.3% vs 0.2% (MoM) and 2.2% vs 3.8% (YoY), US September Housing Starts expected 1â€™645k vs 1â€™665k and US September Building permits 1â€™702k vs 1â€™727k. CAD September Leading Indicators due at 12:30 GMT expected 0.2% unchanged.
The Risk Today:
EURUSD consolidates while maintaining a bearish theme and still the focus remains on the key support at 1.2450. A break of this support would be seen as a new bearish development and will pave the way for a decline towards 1.2400 and 1.2266 (50% and 61.8% retracements of the 1.1825 to 1.2980 advance respectively). On the topside, look for last Friday's 1.2580 high and more importantly the 1.2630 pivot level to provide resistance. USDCHF bullish theme remains intact above the former resistance now support at the 1.2640 level. Focus remains on further USD gains over the near-term towards 1.2930 (76.4% retracement of the 1.3241 to 1.1919). GBPUSD gains this week are viewed as a correction ahead of resistance at 1.8901 early October high. Last weekâ€™s low of 1.8516 marks the next key downside trigger. USDJPY dips are also being viewed as a correction putting pressure on pivot 118.50 and looking ahead of the strong support at 117.40. We still look for a break higher with the next key trigger at 119.90 last week high. USDCAD recent break of 1.1390 confirms the current uptrend with the focus now on 1.1460. Key short-term supports are 1.1350 and 1.1321 last week low.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2880 K ||1.9140 T ||121.40 T ||1.2930 S |
|1.2630 P ||1.9075 M ||120.74 M ||1.2800 P |
|1.2580 S ||1.8901 S ||120.00 P ||1.2736 S |
|1.2553 ||1.8727 ||118.52 ||1.2663 |
|1.2450 T ||1.8601 P ||118.50 P ||1.2640 M |
|1.2400 S ||1.8516 K ||117.40 S ||1.2400 K |
|1.2325 S ||1.8400 T ||116.06 T ||1.2287 S |
|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..