Forex News Blog
Back to The Headlines
Monday February 12, 2007 - 08:42:54 GMT
Share This Story
ACM - www.ac-markets.com
Yen remains weak further to G7 warning...
By Jean-Claude Braha - ACM Senior Trader
News and Events:
The Yen remains on defensive on Monday gaining little support from the weekend meeting of the G7 which tried to warn investors against selling the Yen too aggressively. Finance ministers and Central Bankers from the G7 said that Japanâ€™s recovery was on track and expressed confidence that â€śthe implications of these developments will be recognized by market participantsâ€ť. European Central Bank President Trichet even made a strong message saying: â€śwe want the markets to be aware of the risks of one-way bets, in particular on the Forex marketâ€ť. This suggests a much greater focus on EurJpy from policy-makers, but intervention seems unlikely anytime soon. Bets on the Yen have been clearly to the downside in recent months with investors using Japanâ€™s low interest rates to borrow Yen to fund purchases of higher yielding currencies. Bank of Japan governor Toshikiko Fukui said late on Friday he would like to discuss whether the Japanese economy is moving in a positive direction at the BoJâ€™s next policy board meeting. Elsewhere, the Canadian Dollar rose sharply against the US dollar after data showing Canada added 88â€™900 jobs in January, well above a forecast of 10â€™000. UsdCad fell -0.9% to 1.1723. This week, investors are waiting to hear testimony from Federal Reserve Chairman Ben Bernanke on Wednesday and Thursday. Analysts generally assume he will reinforce the current steady policy; recognizing the economy is globally doing better but inflation risks remain.
Today's Key Issues:
JPY National Holiday â€“ Japanese markets closed
GB 09:30 GMT: Produce Price Index Core Output expected 0.2% vs 0.1% (MoM) and 2.3% to 2.4% vs 2.3% (YoY), PPI Input expected
-0.7% to -0.9% vs 0.1% (MoM) and -0.2% to -0.4% vs 1.9%, PPI Output expected 0.1% to 0.2% vs 0.2% (MoM) and 2% to 2.1% vs 2.2% (YoY).
GB 15:30 GMT: December Leading Indicator Index.
USD 19:00 GMT: January monthly Treasury Budget statement expected 40B vs 21B.
NZD 21:45 GMT: 4Q Producer Prices- Inputs previously 2% and Producer Prices â€“ Outputs previously 0.7%
JPY 23:50 GMT: January Domestic Corporate goods Price index expected 0% unchanged (MoM) and 2.4% vs 2.5% (YoY).
The Risk Today:
EurUsd has been stuck in the 1.2865 to 1.3075 trading range for a month now, with Thursday's action nearing the top end. Violation of the upside would bring resistance at 1.3130 in focus (61.8% retracement of the 1.3298-1.2865 decline). Initial support still holds 1.2865.
GbpUsd formed resistance at 1.9750 (61.8% retracement of the 1.9917-1.9482 decline), where a break is required confirm a renewed bullish trend. Last week's 1.9482 marks key support where a break would clearly damage the growing bull trend recovered from last week 1.9482 lows.
UsdJpy The recent recovery from 120 low has continued through 121.40 former resistance (61.8% retracement of the 122.20-120.10 decline); further strength would open the door toward the 122.20 trend high from last week. Former resistance 121.40 might provide some support. In case of a reversal lower than this level; further support is defined at 120.20 just over last year 120 former psychological resistance.
UsdChf support lies at 1.2376 late January low. A break of this level is required undermine the bull trend and also signal a reversal and target 1.2309 (38.2% retracement of 1.1881-1.2574 advance). While it holds, the trend remains up with Monday's 1.2520 high marking initial resistance ahead of the key 1.2550 resistance.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3290 T ||1.9850 P ||125.00 T ||1.2770 T |
|1.3130 P ||1.9750 S ||123.25 K ||1.2550 S |
|1.3050 S ||1.9512 S ||122.20 S ||1.2520 M |
|1.3015 ||1.9510 ||122.00 ||1.2480 |
|1.2900 T ||1.9482 K ||121.40 M ||1.2376 S |
|1.2866 K ||1.9315 S ||120.20 S ||1.2309 M |
|1.2820 S ||1.9260 M ||119.90 K ||1.2260 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:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 15 January 2018
Upgrade Your Trading. Try The Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 15 Jan 2018
00:00 US- Holiday
Tue 16 Jan 2018
09:00 GB- CPI
20:00 US- Beige Book
Wed 17 Jan 2018
00:30 AU- Employment
02:00 CN- GDP
10:00 EZ- final HICP
14:15 US- Industrial Production
15:00 CA- Bank of Canada Decision
Thu 17 Jan 2018
13:30 US- Weekly Jobless
13:30 US- Housing Starts/Permits
16:00 US- EIA Crude
Fri 18 Jan 2018
09:30 GB- Retail Sales
15:00 US- University of Michigan (prelim) Survey
PROSPECTIVE Trading Opportunities
- POTENTIAL PRICE RISK: HIGH- Tue -- 09:30 GMT-- GB- CPI
- POTENTIAL PRICE RISK: HIGH- Wed -- 00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Wed -- 10:00 GMT-- EZ- Final HICP
- POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
- POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA
co-founding Partner, Global-View.com
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.