Forex News Blog
Back to The Headlines
Thursday July 19, 2007 - 09:56:51 GMT
Share This Story
ACM - www.ac-markets.com
Bernanke points to inflation and sub prime mortgage concerns
By Jean-Claude Braha - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
Federal Reserve Bank Chairman Ben Bernanke said US inflation is still too high however core inflation remains in check as forecasts of easing softening commodity prices will curb rising prices. The Euro and Pound continued their rise to record levels as the sub prime mortgage and housing problems remain a drag on US economic growth and may get worse before improving.
Bernanke did add that the Fed is likely to keep interest rates unchanged rather than cutting this year. Yesterday, the highs for the Euro and Cable were 1.3834 and 2.0550 respectively.
The carry trade remains strong for the Australian and New Zealand dollar as the currencies traded near two decade highs against the greenback. Higher bond yields and forecasts for further rate increases continue to lure foreign investors. AUDUSD at 0.8785 and NZDUSD at 0.7928 in early trading.
Switzerland's trade surplus came out higher than expected at 1.72 billion Swiss Francs, up from 1.04 billion in May and above an expected 1.15 billion. A declining Swiss Franc allowed higher exports in precision machinery, watches and metals. USDCHF at 1.20005 in early trading today.
Today's Key Issues (time in GMT):
08.30 GB June Retail Sales 0.3% vs 0.4% (MoM)
08.30 GB June Retail Sales 3.5% vs 3.9% (YoY)
08.30 GB June PSNCR Â£12.4B v Â£6.21B
08.30 GB June Public Sector Net Borrowing Â£6.15B vs Â£8.21B
09.00 CHF July ZEW Expectations previously -0.1
12.30 US July 14th, Initial Jobless Claims 311k vs 308k
12.30 CAD May Wholesale Sales 0.5% vs -3.1% (MoM)
12.30 CAD May Int. Securities Transactions CAD2B vs CAD1.54B
13.30 US Bernanke testifies to Panel on Monetary Policy
14.00 US June Leading Indicators 0.0% vs 0.3%
16.00 US July Philadelphia Fed Survey 13.3 vs 18
16.30 US Fed's Moskow speaks to Economists in Philadelphia
18.00 US Minutes of June 28 FOMC meeting
The Risk Today:
EurUsd remains strong, in 1.3760 â€“ 1.3834 trading range, after having hit 1.3834 yesterday new record high. A return below 1.3750 and 1.3659 former resistances will put the actual positive trend on hold. Initial minor support holds 1.3786.
GbpUsd bullish trend remains intact. Channel top 2.0434 and 2.0500 resistances have been cleared. Cable is trading above the top of a developing ending diagonal triangle and going forward, upside would be 2.0568 (equally 1.9187 to 2.0132 advance) and 2.0706 trend top. Former 2.0500 resistance marks initial support. Market 2.0100 former trend resistance holds strong support. A break there will open the door back down to 2.0000 pivot point.
UsdJpy remains trading in 120.98 â€“ 122.62 trading range. Renewed strength will focus on 124.15 late June high. A break toward 124.15 will reopen the way to 125.57 December 2002 high. Initial support holds 120.98 level. A break down 120.78 strong support may put 119.55 in sight.
UsdChf remains weak but consolidating after the yesterday volatile market range 1.1962 to 1.2051. On the recent downtrend, focus may shift on 1.1881 early December low and 1.1739 April 2005 trend supports. Former support 1.2234 marks resistance after initial resistance 1.2051 yesterday high.
Resistance and Support:
|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 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
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.