Forex News Blog
Back to The Headlines
Monday June 4, 2007 - 09:37:37 GMT
Share This Story
ACM - www.ac-markets.com
European, Britain, Australian and New Zealand Central Banks rate announcements this week
By Jean-Claude Braha - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The Dollar rose to a seven-week high against the Euro on Friday, as strong US jobs and manufacturing lowered expectations of a Federal Reserve interest rate cut this year. US jobs data showed gains of 157k non-farm jobs in May offsetting a fairly tepid US core inflation number for April. Those Friday's data followed a weaker-than-expected revision to 1Q US Gross Domestic Product on Thursday. The US economy grew at 0.6% rate n the first three months of the Year, the slowest pace in more than four years.
This week's US economic data, led by the April International Trade Balance report and ISM's US services survey, are expected to offer little market influence, trader say, as they expect currencies to trade within narrow ranges.
The market focus will now shift to a series of Central Bank policy meetings this week. The European Central Bank is widely expected to lift interest rates to 4% from the current 3.75% on Wednesday. Traders said the market has anticipated the rate rise and investors would look to comments from ECB President Jean-Claude Trichet for clues about the future path of monetary policy. Also, Central Banks in Britain, Australia and New Zealand will make rate announcements later this week, with the market expecting all of them to hold interest rates unchanged this time. At the same time, the market sees the Bank of England raising interest rates to 5.75% in summer from the current 5.5%, and possibly another rate increase after that.
Today's Key Issues (time in GMT):
09.00 EUR April Euro-zone Producer Price Index 0.3% vs 0.3% (MoM)
09.00 EUR April Euro-zone Producer Price Index 2.3% vs 2.7% (YoY)
09.00 EUR ECB's Trichet speaks in Brussels
14.00 US April Factory Orders 0.4% vs 0.2% (MoM)
14.00 US April Factory Orders 0.6% vs 3.5% (YoY)
15:00 EUR Euro-zone Finance Ministers Meeting
23.01 GB May BRC Retail Sales Monitor, same store sales, 2.9% vs 2.4% (YoY)
23.50 JPY 1Q MOF's Capital Expenditures survey 10.5% vs 16.8% (YoY)
The Risk Today:
EurUsd market continues to favor further downside in EURUSD. A break of last Friday's 1.3393 new trend low would open the door for a run at 1.3370 (38.2% retracement of 1.2865-1.3683). Minor initial resistance is around 1.3477, last Thursday's high.
GbpUsd remains below resistance at 1.9900, last Tuesday high. Only a move above this level would jeopardize the actual pressure for a run below the 1.9734, last Wednesday low, which would open the door toward the 1.9677 trend low and resume bear trend towards 1.9659 (50% retracement of the 1.9184 to 2.0134 advance).
UsdJpy bull trend remains intact with the focus on the January-February 122.10 to 122.22 highs. Not far off is 122.38 (61.8% of 135.18-101.65 big 5 years decline). Last Friday 122.14 high would mark minor resistance. Support lies at 120.86, May 25th low.
UsdChf recent corrective pullback bottomed last Tuesday at 1.2200, with the recovery from there likely to push to a new trend high above 1.2332 and test resistance at 1.2356 (61.8% retracement of the 1.2575-1.1994 decline). Minor support is in the 1.2249 Friday's low.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3750 T ||2.0133 T ||122.22 T ||1.2573 T |
|1.3623 S ||2.0000 K ||122.05 S ||1.2356 S |
|1.3477 M ||1.9900 S ||121.99 M ||1.2309 M |
|1.3450 ||1.9840 ||121.95 ||1.2295 |
|1.3416 T ||1.9677 T ||120.54 M ||1.2249 M |
|1.3393 M ||1.9659 S ||119.55 T ||1.2200 M |
|1.3370 S ||1.9522 T ||118.90 S ||1.2154 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 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
Fri 22 June 2018
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.