Wednesday, Apr 09, 07:18 GMT
EUROPEAN Trading Newsletter
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Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Nader Moustafa
Start: Wed, Apr 9, 09:00 GMT
Sponsored by: 
Type of Session: Webinar
Level of Sentiment in the FX Market
Expert: Antonio Sousa
Start: Wed, Apr 9, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Apr 9, 09:00 GMT | FX Instructor Live Trading Room | Nader Moustafa | WBN | |
| Wed, Apr 9, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN |  |
| Wed, Apr 9, 13:00 GMT | Level of Sentiment in the FX Market | Antonio Sousa | WBN | |
| Wed, Apr 9, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe
EUR/USD
Daily Market Commentary − Another wave of weak US data failed to buckle the dollar on Tuesday by Global Forex Trading
Euro/dollar gave back early gains to close flat. My model remains short, but the pair, while overbought, may still climb higher. Initial resistance remains at 1.5800. The next levels are 1.5845 and 1.5894. Immediate support is at 1.5675. Below 1.5625, euro/dollar has support at 1.5540. This is followed by 1.5340.
- Main technical theme in the currency market by Jamie Saettele, Technical Currency Analyst FXCM
- Check out how pairs moved: Live Currency Rates & Charts
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
Banks' Analysis
Forex Technical Analysis − EUR/USD: (1.5705) Toying with 2nd Uptrendline off 1.4777 (see graph) by KBC Bank
FX' Signal
Spot Forex Trades − USDJPY Correction by ForexSurvivor
Currencies at a Glance
- EUR/USD
- Moves up above pivot level 1.5727
04/09/2008 06:55 GMT - GBP/USD
- Trades below opening price level 1.9693 , below pivot level 1.9761
04/09/2008 06:56 GMT - USD/CHF
- Moves down below pivot level 1.0119
04/09/2008 06:56 GMT - USD/JPY
- Moves down below pivot level 102.37
04/09/2008 06:56 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
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
EMU GROSS DOMESTIC PRODUCT S.A.
| Date (GMT) | Event | Cons. | Previous | |
| Apr 9 | 09:00 | Gross Domestic Product s.a. (QoQ) | 0.4% | 0.7% |
| Apr 9 | 09:00 | Gross Domestic Product s.a. (YoY) | 2.2% | 2.6% |
EMU economic indicators - Output in the German producing sector will probably have suffered a setback in February by BHF−Bank
Q4 EMU GDP data are unlikely to have been revised significantly. The ECB Council is meeting on Thursday to discuss monetary policy. We expect it to keep rates on hold in April. In view of the recent acceleration of inflation, the council is likely to repeat warnings about inflation risks from second−round effects.
[ Full Story ]Top Market Movers Review
Germany TRADE BALANCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 9 | 06:00 | Trade Balance | 16.9B | 15.7B | 17.1B |
DATA SNAP: German Feb Trade Surplus Narrows; Above Forecast (Dow Jones)
Germany's trade and current account surpluses were wider than expected in February, data from the Federal Statistics Office showed Wednesday. Germany's trade surplus fell to EUR16.9 billion in February from EUR17.1 billion in January.
[ Full Story ]- Read the Trade balance data at German Statistics
- German Trade Surplus edges down in February (FXstreet.com)
- German Feb trade surplus 16.9 bln euros vs 17.1 bln in Jan; consensus 15.2 bln (Thomson Financial News)
- German trade surplus declines to 16.9B in Feb from 17.1B in Jan (FXstreet.com)
EMU economic indicators - Output in the German producing sector will probably have suffered a setback in February by BHF−Bank
Japan BOJ INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 9 | 03:25 | BoJ Interest Rate Decision | 0.5% | 0.5% | 0.5% |
Bank of Japan keeps overnight call rate target at 0.5 percent (Thomson Financial News)
The Bank of Japan kept its overnight call rate target unchanged at 0.5 percent for the 16th straight meeting on Wednesday, as widely expected. This gives the Japanese central bank time to further assess how much the U.S. economy, one of Japan's most important trading partners, will slow down and whether the continued credit crisis and housing market weakness in the U.S. will seriously hurt global economic growth.
[ Full Story ]- Read the Interest Rate Decision report at Bank of Japan
- Bank of Japan downgrades economic assessment on rising energy prices (Thomson Financial News)
- Bank of Japan keeps overnight call rate target at 0.5 pct, as expected − UPDATE (Thomson Financial News)
Japan: Bank of Japan preview by Danske Bank A/S
Australia WESTPAC CONSUMER CONFIDENCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 9 | 00:30 | Westpac Consumer Confidence | -1.3% | - | -9.1% |
Overnight Briefing: Far East Timezone - Australian consumer sentiment fell to 15−year low by Jyske Bank
Australian consumer sentiment slipped to its lowest in 15 years in April, a survey showed on Wednesday, providing further evidence that the economy was cooling and interest rates were unlikely to rise further.
[ Full Story ]- Read the Consumer Confidence report at Melbourne Institute site
- Australia's Westpac April consumer sentiment index lowest since June 1993 UPDATE (Thomson Financial News)
- Australia's Westpac April consumer sentiment index lowest since June 1993 (Thomson Financial News)
- Australian Consumer Sentiment Index −1.3% In April Vs March (Dow Jones)
US FOMC MINUTES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 8 | 18:00 | FOMC Minutes | - | - | - |
Daily Global Commentary - Minutes of March 18 FOMC Meeting – Bearish Outlook for Economy by Northern Trust
The minutes of the March 18 FOMC meeting indicate a central bank that is quite bearish about the economy. The staff forecast showed "a contraction in real GDP in the first half of 2008 followed by a slow rise in the second half."
[ Full Story ]- Read the Minutes of Meeting at FOMC
- THE FED: March Rate Cut Spurred By Gloomier Economic Forecasts (Dow Jones)
- Fed minutes show argument over rate cut, inflation risks at March 18 meeting (Thomson Financial News)
- Forex − Pound falls on soft Halifax survey; FOMC minutes in view (Thomson Financial News)
Daily Forex Outlook - FOMC Minutes suggest worst is not over for U.S economy. BoJ to make rate announcement today by Easy Forex
Mid−Day Forex Technical Report − Dollar Steady ahead of FOMC Minutes, Sterling Tumbles Further by ActionForex.com
Daily Forex Technical Report − Sterling Dives on Rate Cut Expectation, FOMC Minutes Eyed by ActionForex.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Apr 9 | 03:25 | JP | BoJ Interest Rate Decision | 0.5% | 0.5% | 0.5% |
| 06:00 | JP | Bank of Japan Monthly Economic Survey | ||||
| 06:00 | JP | Machine Tool Orders (YoY) (Mar)  | 2.9 | -0.5 | ||
| 06:00 | DE | Trade Balance (Feb) | 16.9B | 15.7B | 17.1B | |
| 08:30 | UK | Industrial Production (MoM) (Feb) | 0.1% | -0.1% | ||
| 08:30 | UK | Industrial Production (YoY) (Feb) | 1.2% | 0.4% | ||
| 08:30 | UK | Manufacturing Production (MoM) (Feb) | 0.0% | 0.4% | ||
| 08:30 | UK | Manufacturing Production (YoY) (Feb) | 1.5% | 0.6% | ||
| 09:00 | EMU | Gross Domestic Product s.a. (QoQ) (4Q) | 0.4% | 0.7% | ||
| 09:00 | EMU | Gross Domestic Product s.a. (YoY) (4Q) | 2.2% | 2.6% | ||