Friday, Oct 31, 16:57 GMT
ASIA-PACIFIC Trading Newsletter
To Get Started
- All the events of the day in our Economic Calendar
- Webinar Videos: MONTHLY WEBINAR: Learning to Read Price Action by Chris Capre
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.
International Traders Conference
Oct 31, 13:21 GMT
After the last Live trading session we had early this morning, we moved to the next speech. So we had the special appearance of our FX Trader of the Year 2008 contest winner: Sew Yew Tech about his trading strategies named 'The Swiss Cheese Model Approach'.
Forex Blogs
FX Path: EUR/USD − Rejected by Resistance by James Chen
As of early Friday morning (10/31/2008) in New York, as shown on the accompanying EUR/USD daily chart, the upside correction on this key pair has been rejected at the key resistance imposed by a major 38.2% Fibonacci retracement level.
FX Market Readings: Aggressive moves during European session by Dr. S. Sivaraman
Live Sessions Schedule
Understand & Use Fibonacci Ratios Effectively
Expert: Sunil Mangwani
Start: Mon, Nov 3, 11:00 GMT
Sponsored by: 
Type of Session: Webinar
Derek Frey's Outlook
Expert: Derek Frey
Start: Mon, Nov 3, 15:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Mon, Nov 3, 11:00 GMT | Understand & Use Fibonacci Ratios Effectively | Sunil Mangwani | WBN | |
| Mon, Nov 3, 15:00 GMT | Derek Frey's Outlook | Derek Frey | WBN | |
| Mon, Nov 3, 17:00 GMT | Weekly Webinar: 1st on Forex − The Week Ahead | Jerry Furst | WBN |  |
| Tue, Nov 4, 09:00 GMT | Outlook for the major currencies this week | Ian Copsey | WBN |  |
| Tue, Nov 4, 12:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
Current Session: U.S.
EUR/USD
Chart of the Day − EUR/USD by FX Solutions
Price action on the EUR/USD daily chart, as shown, has clearly been rejected at the resistance imposed by a key 38.2% Fibonacci retracement level and an important prior support/resistance level around the 1.3250−1.3300 region. This price rejection, which was manifested as a clear shooting star candle, occurs within the context of an important upside correction within the overall downtrend in the pair. Oscillator momentum is still to the upside, but price currently appears to be targeting eventual major support at the level of the 2 ½ year low around 1.2330.
Daily Analysis − The Yen rises as recession looms and hits high yielding currencies
Trend Trading - Part 1: Elements of Trend Trading in FX and Futures Markets by Don Wilcox, Forex News Analyst Trade The News
Check out how pairs moved: Live Currency Rates & Charts
Other Topics for This Session
Mid-Day Forex Technical Report - Dollar Firm Despite Poor Data by ActionForex.com
Daily Technical Strategist - EURUSD: Hammer Highlights Completion of Corrective Recovery, Retest Of The 1.2330 Level Envisaged by FXTechstrategy
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, GFT (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 PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Cons. | Previous | |
| Nov 3 | 09:30 | Purchasing Manager Index Manufacturing | - | 41 |
Friday Notes - Depressed sentiment both in the manufacturing... by HVB Group
UK manufacturing PMI should remain stable at 41.0 in October, the weakest level since 1992. At the current depressed level, the downside is limited, but we don't rule out further weakening throughout Q4. There are several factors weighing on the manufacturing sector: the credit squeeze, as well as the unfolding weakness in both domestic and external demand should keep denting the sector's confidence.
[ Full Story ]Top Market Movers Review
US REUTERS/MICHIGAN CONSUMER SENTIMENT INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 31 | 14:00 | Reuters/Michigan Consumer Sentiment Index | 57.6 | 58.0 | 70.3 |
US Univ. Michigan Consumer Sentiment Index posts record drop in October (FXstreet.com)
Consumer sentiment Index has posted in October the largest monthly decline since records are taken, according to the latest report by the University of Michigan.
[ Full Story ]- Read the Reuters/University of Michigan Surveys of Consumers
- FOREX−Dollar trims losses vs yen after UMich report (Thomson Financial News)
- Reuters/Univ Michigan End−Oct Sentiment 57.6; Sep 70.3 (Dow Jones)
- US ECON: US Late Oct. Reuters/Michigan Consumer Sentiment 57.6 Vs. 57.5 Expected (Thomson Financial News)
US economic indicators - We estimate that UMI's final October sentiment will remain unchanged at 57.5 by BHF−Bank
US PERSONAL INCOME
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 31 | 12:30 | Core Personal Consumption Expenditure − Prices Index (MoM) | 0.2% | 0.1% | 0.2% |
| Oct 31 | 12:30 | Personal Income (MoM) | 0.2% | 0.1% | 0.4% |
| Oct 31 | 12:30 | Personal Spending | -0.3 | -0.2 | 0.0 |
US ECON: US Sept Consumer Spending Down 0.3% As Expected, Core PCE Index Up 0.2% (Thomson Financial News)
Personal spending in September fell for the first time in two years, although personal income managed a better−than−expected increase, the Commerce Department said today.
[ Full Story ]- Read the Personal Income and Outlays data at Commerce Department
- WRAPUP 2−U.S. consumer spending drops, mood sours (Thomson Financial News)
- US Personal Spending decreased in September; income grows slower (FXstreet.com)
- US consumer spending decline first drop in 2 years (Thomson Financial News)
Mid−Day Forex Technical Report − Dollar Firm Despite Poor Data by ActionForex.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Oct 31 | 00:00 | ES | International Traders Conference (ITC) | |||
| 14:00 | US | Reuters/Michigan Consumer Sentiment Index (Oct) | 57.6 | 58.0 | 70.3 | |
| Nov 2 | 21:45 | NZ | Labor Cost Index (QoQ) (3Q) | 0.8% | ||
| 22:30 | AU | Manufacturing PMI (Oct) | 47.2 | |||
| Nov 3 | 00:30 | AU | House Price Index (QoQ) (1Q) | -0.3% | ||
| 00:30 | AU | House Price Index (YoY) (3Q) | 8.2% | |||
| 00:30 | AU | Retail Sales (MoM) (Sep) | 0.3% | |||