Forex News Blog
Back to The Headlines
Friday September 7, 2007 - 12:21:17 GMT
Share This Story
ACM - www.ac-markets.com
BOE and ECB leave rates unchanged; Euro rallies on Trichet speech
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The Bank of England and European Central Bank left interest rates unchanged at 5.75% and 4.00% respectively. The euro rallied after ECB President Trichet reiterated that price control remains the primary concern, especially during less stable economic times. The Bank of England left rates unchanged because, according to some, it was still too early to tell for how long market instability would continue and how much it would hamper the economy.
Investors await US labor figures, primarily the August unemployment rate and non-farm payrolls, expected to be at 4.6% and 110k (vs 92k) respectively.
Yesterday, we wrote: (In Gold) "there are two scenarios to observe very carefully:
i. Gold hitting a short-term double top between $688 and $695.
ii. The break-out of the major triangle formation, and confirmed by a break through $695 will causing Gold shooting upwards toward $730 for a long term double top.
We have achieved scenario number one, with spot Gold hitting a high of $698 and closing for the day at $695! Look for a small correction back to the top trend-line, after which scenario number two may kick-in. Happy are those who were long Gold yesterday.
Today's Key Issues (time in GMT):
10:00 EC Euro-Zone OECD Leading Ind. JUL
10:00 GE Industrial Prod. YoY (nsa wda) JUL
10:00 GE Industrial Production MoM (sa) JUL
11:00 CA Unemployment Rate AUG
11:00 CA Net Change in Employment AUG
12:30 US Change in Nonfarm Payrolls AUG
12:30 US Unemployment Rate AUG
12:30 US Change in Manufact. Payrolls AUG
12:30 US Average Hourly Earnings MoM AUG
12:30 US Average Hourly Earnings YoY AUG
12:30 US Average Weekly Hours AUG
14:00 US Wholesale Inventories JUL
The Risk Today:
EurUsd remains in a range for the past ten days. We are near the resistance level of 1.3720; a daily close above that would signal-in the bulls with an eye for 1.3840. On the downside, 1.3631 is a minor support, which if broken, bears eye the lower support of 1.3550.
GbpUsd formed a wedge pattern but has not broken out to the downside, yet. On the downside, 2.0077 will have to fail as a strong support for the start of a second bearish leg. On the upside, any close above 2.0285 will open the door for another move up to 2.0462.
UsdJpy very much stuck in a range between 113.92 and 116.52 as investors decide whether to take on or reduce risk. A break of 113.92 will eye the lower low of 111.60.
UsdChf finds strong support and 1.1960. The pair had bounced off the lower trend line on August 6th at 1.1819. We eye a break of 1.2160 to return to the upper trend line at 1.2330.
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."
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..