Forex News Blog
Back to The Headlines
Thursday May 10, 2007 - 09:58:36 GMT
Share This Story
ACM - www.ac-markets.com
FOMC held rates at 5.25%; BoE expected to raise rates 25bp.
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The FOMC held rates at 5.25% as expected. In the following statement, the Fed admitted that growth â€śslowedâ€ť but pointed to continued inflation risk as the dominant factor for their decision. The Euro has been in a 50-pip range the past 24 hours between $1.3517 and $1.3567.
The Bank of England's Monetary Policy Committee is expected to raise rates by 25bp to 5.50% on continuing inflation concerns. Investors will pay close attention to the Bank of England's Inflation Report which could give some indication of on future inflation and interest rate risk. Recent economic data coming out of the U.K. has showed moderate damping of growth, therefore a 50bp rate hike seems unlikely. The cable hit a high of $1.9999 yesterday and has since recessed and stabilized at $1.9940.
Today's most interesting chart is EURNOK. A break above 8.1799 can signal a push to the upper-most trend-line to 8.2643 in the near term. Strong support is found at 8.0806.
Today's Key Issues (time in GMT):
08.30 GBP Industrial Production (MoM) (MAR) 0.4% vs -0.2%
08.30 GBP Industrial Production (YoY) (MAR) 0.0% vs 0.3%
08.30 GBP Manufacturing Production (MoM) (MAR) 0.5% vs -0.6%
08.30 GBP Manufacturing Production (YoY) (MAR) 0.9% vs 1.2%
08.30 GBP Visible Trade Balance (MAR) -6.700B vs -6.791B
08.30 GBP Trade Balance Non-EU25 (MAR) -4.100B vs -4.068B
08.30 GBP Total Trade Balance (MAR) -4.200B vs -4.312B
10.00 EUR Euro-Zone OECD Leading Indicators (MAR)
11.00 GBP Bank of England Rate Decision 5.50% vs 5.25%
11.45 EUR ECB Rate Decision 3.75% vs 3.75%
12.01 NZD ANZ-Business NZ PMI (APR)
12.30 EUR ECB's Trichet Speaks at ECB Monthly News Conference
12.30 CAD New Housing Price Index (MoM) (MAR) 0.4% vs 0.5%
12.30 CAD Merchandise Trade Balance (Cad. dollars) (MAR)5.0B vs 4.8B
12.30 CAD Merchandise Exports (MAR) 0.6% vs -2.1%
12.30 CAD Merchandise Imports (MAR) 0.3% vs 0.3%
12.30 USD Initial Jobless Claims (MAY 5) 315K vs 305K
12.30 USD Continuing Claims (APR 28) 2505K vs 2495K
12.30 USD Trade Balance (MAR) -$60.0B vs -$58.4B
12.30 USD Exports, BOP Basis (MAR) $126.6B vs $124.0B
12.30 USD Imports, BOP Basis (MAR) $185.3B vs $185.2B
12.30 USD Export Price Index (MoM) (APR) 0.3% vs 0.7%
12.30 USD Import Price Index (MoM) (APR) 1.0% vs 1.7%
12.30 USD Import Price Index, ex-Petro (MoM) (APR) 0.3% vs 0.3%
12.30 USD Import Price Index (YoY) (APR)
15.00 USD Fed's Moskow Gives Welcome Remarks at Payments Conference
15.15 USD Fed's Kroszner Speaks at Payments Conference in Chicago
17.30 USD ICSC Chain Store Sales (YoY) (APR)
18.00 USD Monthly Budget Statement (APR) $134.0B vs $118.8B
The Risk Today:
EurUsd: The Euro has recovered to above 1.3540 but downside risk is still at large. Look for a break of the 1.3629 resistance to confirm a move upwards. Strong support is found at 1.3515.
GbpUsd trading lower in the early session, breaking through stops below 1.9930. Strong support is found between 1.9881 and 1.9845. Anything below is very bearish. On the upside, bulls will want to see a break of the 1.9999 resistance marked in yesterday's session.
UsdJpy bouncing off the lower trend-line back into the channel, as expected. Bulls are buying all the way up to 120.40 and want a confirmation with a break above 1.2047. Initial support at 119.95 is well placed.
UsdChf is finding strong resistance and congestion at 1.2192. Any dollar weakness today will force the pair down to an initial support at 1.2120 for a move to 1.2080.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3685 S ||2.0188 T ||121.81 T ||1.2388 S |
|1.3623 S ||2.0075 S ||120.54 K ||1.2287 K |
|1.3569 M ||1.9999 M ||120.40 S ||1.2192 S |
|1.3542 ||1.9904 ||120.26 ||1.2174 |
|1.3516 K ||1.9845 M ||119.53 T ||1.2148 M |
|1.3458 S ||1.9730 S ||118.90 S ||1.2083 S |
|1.3413 S ||1.9517 T ||118.12 S ||1.2002 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 16 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 16 Oct /ul>
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
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..