Forex News Blog
Back to The Headlines
Thursday May 3, 2007 - 08:56:49 GMT
Share This Story
ACM - www.ac-markets.com
Euro/Yen and Cable looking to go higher amid interest rate outlook
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The Yen continued its decline against the Euro, hitting a record low at 163.60 as traders seek low borrowing costs to invest in higher yielding markets. This carry trade remains intact as outlook for no rate hikes by the Bank of Japan holds true and the ECB's possible rate hike this month. The yen has fallen 3.9% against the Euro since the beginning of the year.
The dollar is looking for a third day of gains today as ISM Non-Manufacturing numbers are rumored to be better than expected. Look for the Euro and the Dollar-Yen to trade to $1.3560 and Y120.40 today respectively. However, traders do remark that the Euro is still a buy.
Today's most interesting chart is AUDUSD. The pair has slipped from its high of 0.8395 on April 18 on short term US dollar strength. However, should the dollar slip again at the end of the week, look for a mini-trend back up to 0.8363. The pair is currently trading at 0.8237.
Today's Key Issues (time in GMT):
08.30 GBP Official Reserves (Changes) (APR)
08.30 GBP PMI Services (survey) (APR)
09.00 EUR Euro-Zone PPI (MoM) (MAR)
09.00 EUR Euro-Zone PPI (YoY) (MAR)
10.00 USD Monster Employment Index
11.15 EUR ECB's Stark Speaking in Frankfurt
12.30 USD Nonfarm Productivity (1Q P) 13:30 1.1% vs 1.6%
12.30 USD Unit Labor Costs (1Q P) 13:30 3.8% vs 6.6%
12.30 USD Initial Jobless Claims (Apr 28) 13:30 317K vs 321K
12.30 USD Continuing Claims (Apr 21) 13:30
14.00 USD ISM Non-Manufacturing (APR) 15:00 53.0 vs 52.4
17.35 EUR ECB's Tumpel-Gugerell Speaking in Santa Fe 18:35
The Risk Today:
EurUsd: The pair is on a rebound off of 1.3560 and keeping above initial support at 1.3590. The Euro remains a buy for a target back up to 1.3680 and above. On the downside, any test of 1.3540 is very bearish.
GbpUsd: Look for the pair to clear the 1.9960 resistance for a further move up. The cable is well supported at 1.9865. A daily close below this level and keeping under 1.9960 would be very bearish.
UsdJpy Psychological support holds at 120.00, however it would take a break of the 119.52 support to go back into bearish territory. On the upside, look for resistance at 120.40, today's target assuming strong US economic figures.
UsdChf The pair slipped after hitting its trend-line resistance of 1.2190 yesterday. Initial resistance is at 1.2146, but the pair seems to find strong support at 1.2095. A break of either of these levels should indicate near-term direction.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3775 T ||2.0388 T ||120.88 T ||1.2190 T |
|1.3685 S ||2.0133 K ||120.37 S ||1.2165 S |
|1.3612 M ||2.0080 M ||120.10 K ||1.2144 M |
|1.3605 ||1.9912 ||120.15 ||1.2112 |
|1.3560 S ||1.9865 M ||120.00 S ||1.2052 M |
|1.3540 K ||1.9576 S ||119.40 S ||1.2031 S |
|1.3458 S ||1.9507 T ||118.12 K ||1.1990 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 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..