Wednesday, Aug 06, 15:32 GMT
ASIA-PACIFIC Trading Newsletter
Forex Blogs
Posts for the US Morning
Trader Setups: Forex Video | Set ups 06 Aug '08 | Analysis by Phil Newton
Last nights FOMC decision was that rates would remain unchanged for now and most likely until after the elections.
Postcards from the Right Edge: Thoughts for a new trader by Rob Booker
Forexology: A confusing harmonic situation by Sunil Mangwani
Live Sessions Schedule
Banging around the Bands
Expert: Chris Capre
Start: Fri, Aug 8, 14:00 GMT
Type of Session: Webinar
Fibonacci Friday
Expert: Andrei Pehar
Start: Fri, Aug 8, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Aug 6, 15:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN |  |
| Wed, Aug 6, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN |  |
| Thu, Aug 7, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN | |
| Thu, Aug 7, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Thu, Aug 7, 15:00 GMT | How to Get Started Trading Forex | Mark Whistler | WBN | |
EUR/USD
Daily Technical Strategist − EURUSD: Weakness Looks To Continues, Range Bottom Targeted by FXTechstrategy
EURUSD: Following acceleration lower through its August 01'08 minor support at 1.5514 on Tuesday, EUR has now exposed the 1.5302/1.5283 zone, representing its May/June'08 lows. While that support zone is expected to hold and turn the pair higher, failing to contain the current short term weakness should see the pair taking the said support out and targeting lower prices towards the 1.5042 level, its weekly 50 ema with a loss of there activating further downside pressure.
- Forex Breakouts − Pullbacks and Throwbacks by James Chen, Chief Technical Analyst, at FX Solutions
- Forex Swing Trading, Low Risk / High Reward Trading In The Largest by Sam Seiden, Stocks, Futures, Forex and Options Trader Online Trading Academy
- Institutional Trading Strategies by John Jagerson, Founder Profiting With Forex
- Check out how pairs moved: Live Currency Rates & Charts
Other Topics for this Session:
Mid−Day Forex Technical Report − Dollar Rally Continues by ActionForex.com
Monthly Analysis
Monthly Technical Outlook − Monthly Technical Outlook by Mizuho Corporate Bank
Currencies at a Glance
- EUR/USD
- Continues to move down below first support level 1.5404
08/06/2008 15:26 GMT - GBP/USD
- Continues to move down below first support level 1.9501
08/06/2008 15:27 GMT - USD/CHF
- Moves up towards second resistant level 1.0605
08/06/2008 15:27 GMT - USD/JPY
- Continues to move up towards third resistant level 109.34
08/06/2008 15:27 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
UK BOE INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Aug 7 | 11:00 | BoE Interest Rate Decision | 5% | 5% |
OUTLOOK BoE to leave rates on hold as economic woes outweigh inflation concerns (Thomson Financial News)
Bank of England rate setters are expected to keep interest rates unchanged on Thursday as they continue to grapple with the twin evils of soaring inflation and a flagging economy. All 24 of the economists polled by Thomson Financial News believe the nine−member Monetary Policy Committee (MPC) will keep the benchmark Bank Rate on hold at 5.00 percent.
[ Full Story ]- 2nd UPDATE: UK Darling: BOE Policy Remit Perfectly Adequate (Dow Jones)
- UPDATE: UK Darling: BOE Policy Remit Perfectly Adequate−BBC (Dow Jones)
Forex Trading Strategies - Focus shifts to tomorrow's ECB and BOE meetings by Saxo Bank
Economics Weekly - Fed, ECB and BoE to hold interest rates on growth fears by Lloyds TSB Financial Markets
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Aug 7 | 11:45 | ECB Interest Rate Decision | 4.25% | 4.25% |
ECB: Preview of meeting on August 7 by Danske Bank A/S
We expect the ECB to hold rates unchanged and deliver a quite neutral statement with a repeat of the key policy phrase signalling that rates are appropriate currently. There is a chance of a dovish twist, though, as the ECB may − unwillingly − have to acknowledge rising downside risks to growth on the back of the recent very weak numbers out of Euroland − and in particular Germany. We believe the ECB will be careful not to sound too dovish, though, as it does not want to fuel expectations of rate cuts. However, it may be difficult to control this and if anything we see a chance of slightly lower yields on the back of the statement. Our ECB forecast continues to be for the ECB to be on hold for the foreseeable future, balancing weak growth and high inflation. This is close to current market pricing.
[ Full Story ]- Forex − Euro extends falls on weak German data ahead of ECB meeting Thursday (Thomson Financial News)
Forex Trading Strategies - Focus shifts to tomorrow's ECB and BOE meetings by Saxo Bank
Daily Forex Commentary - Trichet in focus after balanced Fed statement by Jyske Bank
Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 6 | 10:00 | Factory Orders n.s.a. (YoY) | -6.1% | -4.7% | -2.5% |
| Aug 6 | 10:00 | Factory Orders s.a. (MoM) | -2.9% | 0.4% | -1.4% |
German factory orders plunge in June on weaker foreign demand (FXstreet.com)
FXstreet.com (Barcelona) – Manufacturing orders have declined in June for the seventh month in a row, against the market expectations of a mild pick up, weighed by weakening foreign demand, according to the latest report released by the German Ministry of Economics.
[ Full Story ]- CORRECT: Largest Quarterly Drop In German Mfg Orders Since 92 (Dow Jones)
- 2nd UPDATE: Drop In German Mfg Orders Signals Econ Worries (Dow Jones)
- Forex − Euro falls on weaker−than−expected German factory figures (Thomson Financial News)
EMU economic indicators - German industrial new orders (June): down by BHF−Bank
Friday Notes - Mounting recession risks in Europe by HVB Group
US FED INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 5 | 18:15 | Fed Interest Rate Decision | 2% | 2% | 2% |
FOMC: Firmly on hold by Danske Bank A/S
Yesterday evening, the Federal Open Market Committee (FOMC) decided to keep its policy rate unchanged at 2%, as widely expected. Unsurprisingly, one member, Dallas Fed Governor Richard Fisher, voted against the decision, preferring an increase in the fed funds target. <br><br> The statement saw only minor changes. If anything, it was slightly more balanced, putting growth and inflation concerns on a more equal footing compared to the previous meeting. The general message remains that the central bank is firmly hold.
[ Full Story ]- EUR/USD Tuesday Morning (NY) Update after FOMC By James Cheng
- Read the oficial FOMC Statement
- Forex − Dollar remains supported by lower oil prices despite dovish Fed (Thomson Financial News)
- Mexico's Peso Closes Weaker At 9.9105/Dlr; Firm After Fed (Dow Jones)
- The Federal Reserve says that inflation will begin to moderate this year (FXstreet.com)
Gold Investments Market Update − Federal Reserve Statement Warns of Stagflation by Gold and Silver Investments Limited
FedWatch: FOMC Meeting August 5th by BBVA Group
Daily Market Briefing - US Dollar: Will the Bulls Bail Out as FOMC Leaves Rates at 2.00%, Signals Neutral Stance Going Forward? by FXCM
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Aug 6 | 14:00 | CA | Ivey Purchasing Managers Index (Jul) | 65.5 | 62.5 | 69.6 |
| 14:35 | US | EIA Crude Oil Stocks change (Aug 2) | 1.70M | 0.25M | -0.10M | |
| 22:45 | NZ | Unemployment Rate (2Q) | 3.8% | 3.6% | ||
| 23:50 | JP | Core Machinery Orders (MoM) (Jun) | 9.5% | 10.4% | ||
| Aug 7 | 01:30 | AU | Employment Change (Jul) | 29.8K | ||
| 01:30 | AU | Unemployment Rate (Jul) | 4.3% | 4.2% | ||
| 06:00 | DE | Trade Balance (Jun) | 15.5B | 14.4B | ||