Forex News Blog
Back to The Headlines
Friday November 24, 2006 - 11:22:51 GMT
Share This Story
ACM - www.ac-markets.com
Strong IFO German Business sentiment boosted the Euro
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The IFO Business climate index rose to 106.8 vs expectation for a fall 105.20 in November from 105.3. This strong IFO strengthened expectations that the ECB could continue hiking rates next year, after a widely expected move to 3.5% next month. Also on Thursday, data showed strong private consumption, exports and investment powered German growth at 0.6% in the third quarter. Economists said that German exporters can live with the euro at current levels around EurUsd 1.3000 but would suffer if it climbs above 1.3500. Euro zone inflation risks are on the rise and interest rates are still likely for growth, ECB Council said yesterday. The Euro hit a 5 1/2 â€“ month high against the dollar for a second day on Thursday, boosted by the strong German Business sentiment reading in trade thinned by public holidays in the United States and Japan. The Dollar also weakened against low-yielding currencies, falling to a 2-month low of 116.20 Yen and a 3-month low at 1.2230 CHF. The Euro also fell against the Yen to 150.60 and hit a 7-week low against the CHF at 1.5840. Analyst said that the move suggested investors were losing their appetite fore carry trades, but the Dollar would need to fall down to 113 Yen of 1.2000 CHF to confirm such a view.
Todays Key Issues:
Following Thanksgiving, this Friday will be a very light news day. Are due at 9:30 GMT; UK Gross Domestic Product 3Q is expected 0.7% unchanged (QoQ) and 2.8% vs 2.6% (YoY), with less impact UK Private Consumption 3Q 0.6% vs 0.9%, Uk 3Q Government Spending 0.6% vs 0.8%, UK Gross Fixed capital Formation 3Q expected 1% vs 0.6%, UK September Index of Services (QoQ) expected 0.8% vs 0.6%.
The Risk Today:
EURUSD maintains a positive outlook following recent gains that have now brought key resistance at 1.2980 into focus. A break of this resistance will pave the way for a test of 1.3000. On the downside, look for support at 1.2941 and 1.2750. USDCHF remains vulnerable following recent losses that have now exposed 1.2185 support. This level marks a strong support where a break would pave the way for further USD downside. Initial resistance is located at 1.2346 former support. GBPUSD the powerful jump this week paves the way for a test of resistance at 1.9185 where a break would set the scene for further upside towards 1.9325 and 1.9550. On the downside, support lies at Wednesday's low of 1.9144 key. USDJPY Sharp losses in USDJPY on the back of broad USD weakness sets the scene for further tests of support at 116.06 where a clear break would expose 115.61. Resistance lies at 116.60 and 118.60.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3131 S ||1.9550 T ||119.90 T ||1.2707 S |
|1.3000 P ||1.9320 M ||118.60 S ||1.2583 S |
|1.2980 S ||1.9219 S ||116.60 S ||1.2346 K |
|1.2970 ||1.9179 ||116.32 ||1.2207 |
|1.2941 M ||1.9144 K ||116.06 T ||1.2185 S |
|1.2750 M ||1.9050 S ||115.61 S ||1.2014 S |
|1.2450 T ||1.8840 K ||113.45 T ||1.1948 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 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..