Forex News Blog
Back to The Headlines
Wednesday November 15, 2006 - 09:03:57 GMT
Share This Story
ACM - www.ac-markets.com
Forex market was mixed on soft US data and weak Eurozone data.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The German GDP was little weaker than expected (3Q) at 0.6%, taking the annual growth rate up to 2.8% (six-year highest). First and second quarters have been revised up at respectively 0.8% from 0.7% and 1.1% from 0.9%. November German Zew economic sentiment showed investorsâ€™ expectations lower again at -28.5 from -27.4. But the November Zew Current sentiment, which is more correlated with GDP, grew at a new high 53 from 42.9 in October. Euro-zone GDP third quarter was disappointing but growth is still expected to be very strong in 2006. It expanded by 0.5% (survey 0.6%) in 3Q following previous 0.9% increase in 2Q. The annual growth rate slipped from 2.7% to 2.6%. It is still expected to average at a solid 2.7% in 2006. US October PPI data were also weaker than expected at -1.6% (survey -0.5%) decline vs -1.3 the previous months and -1.6% at annual rate. This was largely due to recent declines in energy prices. Following all these data, the Forex market was mixed yesterday; EurUsd went up to 1.2870 intraday, but the Dollar recovered after the French Prime Minister Dominique de Villepin called for more collaboration among Euro-zone monetary authorities on managing the exchange rate. GbpUsd went down 0.5% from 1.9050 to 1.8960. UsdJpy traded in a very tight range from 117.96 to 117.26. As well did EurJpy; from 151.30 to 150.60.
Todays Key Issues:
BoJ Monetary Policy Meeting to end tomorrow, actual rate 0.25%. GB October Jobless Claims change due at 9:30 GMT is expected 5k vs 10.2K. Euro-zone September Industrial Production due at 10:00 GMT is expected -0.3% vs 1.80% (MoM) and 4.5% vs 5.4%. GB Bank of England Quarterly Inflation Report due at 10:30 GMT. US Minutes of FOMC Meeting (Oct 24) are due at 19:00 GMT.
The Risk Today:
EurUsd was choppy on Tuesday and weakness below 1.2750 would open the way to 1.2680 and next support 1.2620. On the up actual trend, we may look for extended gains over 1.2901 which would drive Euro further up towards the 1.2980. UsdChf is stronger over 1.2400; a break of 1.2525 and 1.2585 would confirm threatening bullish. If not, we could consider near-term gains to be corrective and expect 1.2346 to be under pressure. GBPUSD is under pressure to; expect some follow-through of Tuesday's move below the support 1.8950 which would expose support 1.8875. A break of this level will suggest a more significant sell-off towards the 1.8601 base. On the upside, a recovery over 1.9144 is needed to reconfirm the advance. USDJPY remains choppy, looking for a break of either 116.60 on the downside or 118.50 on the topside which could provide the next directional move.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2981 S ||1.9220 T ||120.00 P ||1.2800 T |
|1.2941 T ||1.9144 K ||119.90 S ||1.2707 S |
|1.2901 S ||1.9125 M ||118.50 S ||1.2525 M |
|1.2815 ||1.8957 ||117.68 ||1.2436 |
|1.2750 M ||1.8950 S ||117.25 M ||1.2346 M |
|1.2620 S ||1.8875 M ||116.60 S ||1.2290 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."
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 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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..