Forex News Blog
Back to The Headlines
Thursday November 9, 2006 - 09:01:40 GMT
Share This Story
ACM - www.ac-markets.com
Little change in currencies as investors focus on US trade Balance
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
Major currencies were little changed on Wednesday and traded in tight ranges as dealers are not taking aggressive bets ahead of Thursdayâ€™s US trade Balance report. Previously, investors were focused on the outcome of the US midterm elections in which the Democrats gained control of the House of Representatives and are now closer to victory in the Senate. This and resignation of US Defense Secretary Donald Rumsfeld suggest that budget spending for Iraq would be soon under review; a scenario that could support the Dollar! Chicago Federal Reserve President Moskow talked on inflation and reiterated his view that more US rate hikes might be needed to combat inflationâ€¦ It will be time to pay attention to what central banks could do. The Bank of Japan and European Central Bank are expected to raise interest rates again soon, while speculation is growing that the next move from the Federal Reserve could be a rate cut in early 2007, which would lower the Dollar yield advantage.
Todays Key Issues:
Highlight is UK Bank of England interest rate announcement at 12:00 GMT, a rise at 5% is already anticipated by the market and analyst are already not expecting another rise in February. US September Trade Balance due at 13:30 GMT is expected $-66B after a record high of $-69.9B in August. Are also due at 13:30 GMT; US October Import Price Index expected -1% vs -2.1% and US Initial Jobless Claims expected 315k vs 327k. US November University of Michigan confidence due at 15.00 GMT is expected from 90 to 93.6 against previous month 93.6.
The Risk Today:
EurChf has spent the last days consolidating in the top of the bull trend. Clearing up 1.5970 would easily pave the way to 1.6000 psychological level. Next focus would be at 1.6170 (February 2000 high).
EurUsd traded in a tight range below Tuesdayâ€™s approached of 1.2834 resistance (76.4% retracement of the 1.2941-1.2483 decline) and step below 1.2800 key level. Following this correction; support are still holding 1.2683 to 1.2660 levels. A break there would put on hold the latest up trend from 1.2480 area. USDCHF recovered parts of its early week losses, but only a move above Monday's 1.2582 high would cancel the actual down pressure. Still important is the support at 1.2400 (76.4% retracement of the 1.2291-1.2771 rise. Only a break of the 1.2583 to 1.2400 range would likely bring new strong trend. GbpUsd consolidated from Tuesday's high and keeps for now this bull trend intact. Targeting 1.9144 (last week high), only a break of Monday's 1.8950 support would create a reversal trend. USDJPY is range bound, holding above support 116.60 and not far away form 118.50 resistance (61.8% retracement of the 119.67-116.57 decline). Only a move out of this range would likely signal a more powerful move.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2941 T ||1.9220 T ||120.00 P ||1.2800 T |
|1.2880 S ||1.9144 K ||119.90 S ||1.2707 S |
|1.2800 K ||1.9125 M ||118.50 M ||1.2582 M |
|1.2753 ||1.9035 ||117.94 ||1.2512 |
|1.2683 M ||1.8950 S ||117.25 M ||1.2400 K |
|1.2620 S ||1.8874 M ||116.60 S ||1.2287 S |
|1.2450 T ||1.8601 P ||116.06 T ||1.2185 T |
|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.