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EUROPEAN Trading Newsletter
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Expert: Tony Juste
Start: Thu, Jan 4, 11:00 GMT
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Type of Session: Webinar
Current Session: Europe
USD/JPY
Daily Forex Technical Report - Dollar Consolidation Still in Progress, Focus Turns to Services Data by ActionForex.com
USD/JPY turns sideway after reaching as high as 119.68, getting very close to mentioned 119.86 resistance. Two developments should be noted. Firstly, bearish divergence condition remains in 4 hours MACD and RSI, suggesting the rise from 114.41 is losing momentum Secondly, the thrust to 119.68 after a triangle pattern could be terminal.
- Check out how the currency moved on Live Currency Rates & Charts at FXstreet.com
- Insight on the fundamentals in the Fundamentals section at FXstreet.com
- What´s next on the agenda? Take a look at our Economic Events Calendar
- What's going on in the markets? Read our latest Forex news
Other Topics for this Session:
Forex Technical Analysis - EUR/USD:(1.3173) Back in Flag off 1.3051 by KBC Bank
Forecast on Forex Majors - Forecast on Forex Majors by FX-Strategy
Daily Technical Analysis - The Euro is not overbought and bullish momentum has increased fractionally by Mizuho Corporate Bank
Currencies at a Glance
- EUR/USD
- Drops down below 1.3200
1/4/2007 2:35:26 AM - GBP/USD
- Moves down around 1.9500
1/4/2007 2:38:00 AM - USD/CHF
- Moves up above 1.2250
1/4/2007 2:40:07 AM - USD/JPY
- Continue to move up above 119.00
1/4/2007 2:42:10 AM
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
UK GfK Consumer Confidence
| Period | Previous | Consensus | Time |
| December | -7 | -6 | Jan 3, 10:30 GMT |
Economic Release Alert - UK GfK Consumer Confidence (DEC) by FXCM
Markets predict that tomorrow’s ISM Manufacturing report will show a slight improvement on November's result, with a reading of 50.0 reflecting exactly zero change in the sector. Though this will be far from bullish for US industry, two consecutive drops in the headline ISM Manufacturing has many US economic bulls hoping for a mere bottoming out in the significant figure.
[ Full Story ]ISM Non-manufacturing
| Period | Previous | Consensus | Time |
| December | 58.9 p | 57.0p | 15:00 GMT |
The Week Ahead - ISM Manufacturing Index by BBVA Bancomer
The services sector will continue fueling the economy in coming months supported by income and employment growth. We look for the ISM Services Index to stand at 56.5 in December moderating from 58.9 in November, but well above the breakeven mark of 50 percent from which services activity and the overall economy is considered to be generally expanding.
Top Market Movers Review
Switzerland CPI
| Period | Previous | Consensus | Actual |
| December (MoM) | 100.6 | 100.6 | 100.6 |
| December (YoY rise) | 0.6% | 0.6% | 0.6% |
Swiss December CPI up 0.6 pct year-on-year as expected by AFX News
The Swiss consumer prices index reached 100.6 points in December, a year-on-year rise of 0.6 percent, but unchanged from the previous month, the Swiss Statistics Office said. The overall price stability in December resulted from a combination of higher costs for household goods, education, alcoholic beverages, tobacco and leisure with price decreases for transportation, communication and food and non-alcoholic beverages, the statistics office said.
[ Full Story ]- Tony Juste, FX Advisor at FXstreet.com:
" Inflation remains well monitored, although that is not an indication that future spikes (this month's rise is somewaht high) could force the SNB to hike rates again. I am expecting 1 or 2 rate hikes for this year, given the SNB's hawkish talk on inflation, and data released today just confirms this view." - FXstreet.com
FOMC Minutes
| Current Interest Rate | Next Meeting |
| 5.25% | 30-Jan-07 |
FOMC: Still comfortable by Danske Bank
The minutes of the December 12 FOMC meeting contained no major surprises, and the FOMC maintained its wait-and-see approach. While the committee’s outlook on inflation and growth was little changed and the tightening bias was retained, the minutes - if anything - contained minor changes in a dovish direction. But generally speaking, the minutes indicated that the FOMC is highly comfortable with its current policy stance, suggesting that the committee will stand pat for a considerable period of time.
[ Full Story ]- Minutes of the Federal Open Market Committee - Fed
- At December meeting, most Fed members still saw inflation as uncomfortably high (AFX News)
- US dollar mixed in Sydney morning trade after FOMC minutes (AFX News)
- Fed members worried about housing slump (AFX News)
- Fed showed concern over housing slowdown (AFX News)