Forex News Blog
Back to The Headlines
Friday January 12, 2007 - 10:02:40 GMT
Share This Story
ACM - www.ac-markets.com
Bank of England unexpectedly increases rates to 5.25%.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
GbpUsd rose 0.63% to 1.9443 after the Bank of England surprised markets with an increase in UK rates to 5.25%. GbpUsd made 1.9537 intraday high. EurGbp dropped sharply after announcement -0.94% to 0.6632. The Euro dived to its lowest since late November against the Dollar after the European Central Bank suggested it may not raise rates again next month as some had anticipated. The markets interpreted ECB President Mr. Trichet‚Äôs remarks as offering no clear signal that rates would raise next month and perhaps not in March. Mr. Trichet said after the ECB left rates at 3.5% that policy remained accommodative but the bank would not use ‚Äústrong vigilance‚ÄĚ in setting monetary policy. EurUsd was down -0.35% to 1.2893 after pointing an intraday high 1.3016. EurJpy posted some gains to 155.16 +0.33% but down from the session high 156.35. Meanwhile, the UsdJpy also rallied reaching its highest level in over a year, above 120 psychological level, +0.81% at 120.34. Investors doubt that a rate raise next week from the Bank of Japan will boost the Yen, given that it will still be the lowest yielding currency within the Group of Seven, and could not be the start for a large unwinding in the carry trades.
Todays Key Issues:
Euro November OECD Leading Indicator is due at 11:00 GMT, previously 109.4. Are due at 13:30 GTM; US December Import Price Index expected 0.6% vs 0.2% (MoM), US December Advance Retail Sales expected 0.7% vs 1% (MoM) and Retail Sales Less Auto expected 0.6% vs 1.1% (MoM). US November ¬£Business Inventories due at 15:00 GMT is expected 0.4% unchanged. US December monthly Budget Statement due at 19:00 GTM is expected $20B vs $11B.
The Risk Today:
EurUsd outlook remains bearish with further Euro weakness to test supports between 1.2925 and 1.2900 (50% retracement of the 1.2483-1.3368 rally). Further downside focuses at 61.8% retracement of the 1.2483-1.3368 climb lies at 1.2820. Strength above Tuesday's high of 1.3050 would halt the current slide. UsdChf has cleared the 61.8% retracement of the 1.2771 to 1.1879 decline at 1.2430. The outlook remains constructive with target on 1.2540. Initial support lies at 1.2400. GbpUsd's yesterday rebound rise through 1.9456 former initial resistance and is exposing next resistances 1.9530 to 1.9570 (61.8% retracement of the 1.9755 to 1.9260 decline). A break of this area would expose 1.9755 (Jan high). Initial support is now at the former 1.9456, but only a break of Thursday's 1.9315 low would reinstate a short-term bearish theme. UsdJpy has resumed the bull trend, clearing 119.90 (Oct high) and 120 psychological level. This exposes the 121.40 high from December 2005. Key support is at 117.98.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3400 T ||1.9850 P ||122.15 S ||1.2770 T |
|1.3130 P ||1.9755 S ||121.40 T ||1.2585 M |
|1.3050 S ||1.9530 M ||120.37 M ||1.2540 S |
|1.2900 ||1.9465 ||120.36 ||1.2500 |
|1.2980 K ||1.9456 M ||119.90 T ||1.2430 K |
|1.2900 T ||1.9315 S ||118.00 P ||1.2400 M |
|1.2820 S ||1.9180 M ||117.44 S ||1.2220 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 11 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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..