Forex News Blog
Back to The Headlines
Thursday December 21, 2006 - 11:06:57 GMT
Share This Story
ACM - www.ac-markets.com
Dollar edged up in thin volumes looking for next US economic data.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The Dollar edged up in light trading volume on Wednesday anticipating a possible rebound this week end when US economic data are released. Trading was choppy driven by automatic orders to buy USD against other currencies. But dealers expect some liquidity to return in the market today when the final estimate of US 3Q GDP growth will be released as well as a report on Mid-Atlantic business activity. As we approaching the end of the year, the liquidity in Forex market is going much lighter and leave place to sharp swings usually driven by less orders and less capital used by traders. EurUsd closed slightly unchanged at 1.3185 -0.15% after an 80pips range session. EurJpy remains up 0.1% at 156.03 after hitting a record high overnight at 156.40. The Yen is still under pressure against the Euro and remains weak against the Dollar after the Bank of Japan left interest rates unchanged at 0.25% on Tuesday. UsdJpy made a light advance of 0.3% to 118.35. UsdCad decline under 1.1500, hitting low 1.1431, was due of activation of 1.1500 traders stop loss; while a rise in crude oil prices to a 3-month peak above $64 also lent support to the commodity-sensitive currency.
Todays Key Issues:
Are due at 13:30 GMT; CAD October Gross Domestic Product expected 0.1% vs -0.3% (MoM), CAD October Retail Sales expected -0.5% vs -1.2% (MoM), US 3Q GDP annualized expected 2.2% unchanged, US 3Q GDP Price Index expected 1.8% unchanged, US 3Q Personal Consumption expected 2.8% vs 2.9%, US 3Q Core PCE expected 2.2% unchanged, US (Dec 16) Initial Jobless Claims expected 315k vs 304k. US November Leading Indicators due at 15:00 GMT is expected 0% vs 0.2%. US December Philadelphia Fed Survey due at 17:00 GMT is expected 4% vs 5.1%.
The Risk Today:
EurUsd has made yesterday high 1.3246 and this marks the next upside trigger for a resumption of gains that would open the way to 1.3293 and 1.3400. Maintain a bullish tone above support at 1.3050. UsdChf outlook remains bearish while 1.2220 remains intact. A break of 1.2075 (50% retracement of the 1.1879-1.2271 rally) would confirm this tendency. GbpUsd recent decline rebound on 1.9435 key support as the general outlook in Cable having improved once again. Minor support is located at 1.9620. A break of minor resistance at 1.9730 would pave the way for a test of 1.9850. UsdJpy remains firm for now and only a break of 117.44 low would offset upward pressure and shift focus away from the key 118.60 important resistance (76.4% retracement of the 119.90-114.43 decline). UsdCad sharp sell-off yesterday resulted in a break of key support at 1.1500. This signals ended recent recovery and paves the way for a decline towards 1.1375 trendline support. The 1.1340 (38.2% retracement of 1.0929 to 1.1591 rally) also marks a near-term objective.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3400 P ||1.9900 S ||120.00 K ||1.2346 K |
|1.3370 S ||1.9850 P ||119.90 T ||1.2326 S |
|1.3246 M ||1.9730 M ||118.60 S ||1.2220 S |
|1.3200 ||1.9690 ||118.30 ||1.2150 |
|1.3130 P ||1.9480 M ||117.44 S ||1.2075 S |
|1.3050 S ||1.9435 M ||116.60 M ||1.1920 P |
|1.2980 K ||1.9340 S ||114.00 S ||1.1880 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.