Wednesday, May 07, 15:53 GMT
ASIA-PACIFIC Trading Newsletter
To Get Started
- Webinar videos: Momentum and SMA 20: Alexander Elder Technique explained by Valeria Bednarik
- ECB and BoE: Preview of May 8 meetings by FXstreet.com
- FX Services: Day trading resources
- Intermarket Analysis of Forex Market by Louis B. Mendelsohn with the Forex Journal
Note that our messages might be blocked by anti-spam filters so please add newsletter@fxstreet.com or our domain (fxstreet.com) to your address book.
Live Sessions Schedule
Live Look at Today's Markets
Expert: Derek Frey
Start: Wed, May 7, 17:00 GMT
Sponsored by: 
Type of Session: Webinar
Understand & Use Fibonacci Ratio's Effectively
Expert: Sunil Mangwani
Start: Thu, May 8, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, May 7, 15:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN |  |
| Wed, May 7, 16:00 GMT | The Importance of Trend Lines in Forex and How To Use Them | Sam Seiden | WBN | |
| Wed, May 7, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN | |
| Thu, May 8, 10:00 GMT | Understand & Use Fibonacci Ratio's Effectively | Sunil Mangwani | WBN | |
| Thu, May 8, 11:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN |  |
Current Session: U.S.
EUR/USD
Mid−Day Forex Technical Report − Dollar Surges on Weak EU & UK Data, Pullback Finished? by ActionForex.com
EUR/USD's sharp fall from 1.5594 and break of 1.5452 minor support suggest that recovery from 1.5360 has completed after touching 4 hours 55 EMA. Further decline is now expected to retest mentioned 1.5342/60 support zone. As discussed before, Sustained trading below 1.5342 will indicate that decline from 1.6019 has resumed and set the stage for deeper fall to next short term target of 1.4966 cluster support (61.8% retracement of 1.4309 to 1.6019 at 1.4962) and probably below.
- Raghee Horner's Four Step Trading: Forex by Raghee Horner, co−Founder and Lead Trader Raghee.com
- Check out how pairs moved: Live Currency Rates & Charts
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
Other Topics for this Session:
Daily FX Report − The British consumer morale falls in April to its lowest since records began four years ago by Varengold Wertpapierhandelsbank AG
Currency Performance
Currency Performance Report − Europe Session Performance by FXstreet.com
Currencies at a Glance
- EUR/USD
- Continues to move down below second support level 1.5384
05/07/2008 15:42 GMT - GBP/USD
- Continues to move down below third support level 1.9521
05/07/2008 15:42 GMT - USD/CHF
- Trades around first resistant level 1.0570
05/07/2008 15:43 GMT - USD/JPY
- Trades above first resistant level 105.25
05/07/2008 15:43 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading, Mizuho Corporate Bank
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
GBP USD, Hourly
EUR USD, Hourly
Top Market Movers Preview
US CONSUMER CREDIT
| Date (GMT) | Event | Cons. | Previous | |
| May 7 | 19:00 | Consumer Credit | $6.5B | $5.2B |
Ahead of the Bell: Consumer Credit (Thomson Financial News)
Government data due out Wednesday is expected to show that the rate of consumer borrowing edged up in March as Americans racked up more debt on their credit cards.
[ Full Story ]- HIGHLIGHTS Outlook of US economic indicators to be released in the coming week (Thomson Financial News)
Top Market Movers Review
US PENDING HOME SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 14:00 | Pending Home Sales (MoM) | -1.0% | -1.0% | -1.9% |
US Pending Home Sales Retreat In March; Down 20% On Yr (Dow Jones)
A forecasting gauge of existing− home sales decreased in March as expected, with would−be buyers having trouble getting loans. The National Association of Realtors' index for pending sales of previously owned homes fell 1.0% to 83.0 in March from February, the industry group said Wednesday.
[ Full Story ]- Read the Pending Home Sales data at NAR
- US March pending home sales index falls 1.0 pct to 83.0 vs 83.8 expected UPDATE (Thomson Financial News)
- NAR: US pending home sales drop to new low in March (Thomson Financial News)
- NAR: US pending home sales drop to new low in March (Thomson Financial News)
US NONFARM PRODUCTIVITY
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 12:30 | Unit Labor Costs | 2.2% | 2.5% | 2.8% |
| May 7 | 12:30 | Nonfarm Productivity | 2.2% | 1.6% | 1.8% |
DATA SNAP: US Productivity Resilient In Face Of Econ Slowdown (Dow Jones)
U.S. productivity started the year on surprisingly firm footing thanks to a big jump in manufacturing productivity, suggesting U.S. firms are adjusted quickly to the economic slowdown by shedding workers and cutting back on hours worked.
[ Full Story ]- Read the Productivity and Costs data at Labor Department
- Euro Falls Below $1.54; Fed Chatter, US Data Boost Dollar (Dow Jones)
- US Q1 productivity up 2.2 pct, unit labor costs also up 2.2 pct (Thomson Financial News)
- US Nonfarm Productivity increase to 2.2% in 1Q; 3.2% up year on year (FXstreet.com)
The Week Ahead - Productivity, Wholesale Inventories, Trade Balance and Jobless Claims by BBVA Bancomer
Weekly Forex Market Commentary - The Productivity report for the first quarter is due on Wednesday by Global Forex Trading
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 7 | 14:00 | US | Pending Home Sales (MoM) (Mar) | -1.0% | -1.0% | -1.9% |
| 14:30 | US | EIA Crude Oil Stocks change (May 3) | 5.7M | 1.8M | 3.8M | |
| 19:00 | US | Consumer Credit (Mar) | $6.5B | $5.2B | ||
| 22:45 | NZ | Unemployment Rate (1Q) | 3.5% | 3.4% | ||
| 23:01 | UK | NIESR GDP Estimate (Apr) | 0.5% | 0.5% | ||
| May 8 | 01:30 | AU | Employment Change (Apr) | 10.0K | 14.8K | |
| 01:30 | AU | Unemployment Rate (Apr) | 4.1% | 4.1% | ||