Tuesday, May 06, 07:30 GMT
EUROPEAN Trading Newsletter
To Get Started
- From the Editor's Desk: Common Break-Out Strategies by Adam Rosen
- Tradable Rates: Bid and Ask real−time prices
- New Features in our Real−Time Economic Calendar
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Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, May 6, 14:00 GMT
Type of Session: Webinar
Trading with Autochartist
Expert: Raghee Horner
Start: Tue, May 6, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, May 6, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, May 6, 14:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN |  |
| Tue, May 6, 15:00 GMT | Trading with Autochartist | Raghee Horner | WBN | |
| Tue, May 6, 16:00 GMT | Day Trading Series − Chapter VI: Tips and Tricks for Successful Day Trading | Markus Heitkoetter | WBN |  |
Current Session: Europe
EUR/USD
Daily Market Commentary − The dollar slumped on profit taking on Monday by Global Forex Trading
Between late Friday and the full day on Monday, euro/dollar recovered 23.6% of the slide since April 23. My and my model remains short – but is close to turning. The candle chart suggests a bullish reversal here. Careful, as a break above 1.5520 would likely amplify the recovery. Above 1.5515, resistance is at 1.5540. This followed by 1.5600.
- Stocks for currency traders by John Jagerson, Founder at Profiting With Forex
- 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: (1.5517) Above channel off 1.5994 (see graph) by KBC Bank
Currency Performance
Currency Performance Report − Asia Session Performance by FXstreet.com
Currencies at a Glance
- EUR/USD
- Trades above opening price level 1.5495 , above pivot level 1.5477
05/06/2008 06:55 GMT - GBP/USD
- Moves down below pivot level 1.9719
05/06/2008 06:55 GMT - USD/CHF
- Trades below opening price level 1.0533 , below pivot level 1.0546
05/06/2008 06:55 GMT - USD/JPY
- Trades around opening price level 104.86 , below pivot level 105.08
05/06/2008 06:57 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
UK PURCHASING MANAGER INDEX SERVICES
| Date (GMT) | Event | Cons. | Previous | |
| May 6 | 08:30 | Purchasing Manager Index Services | 51.7 | 52.1 |
| May 6 | 08:00 | Purchasing Manager Index Services | 54.6 | 51.8 |
| May 6 | 08:00 | Purchasing Manager Index Services | 51.8 | 51.6 |
Friday Notes - UK services PMI to stabilize by HVB Group
Following the sharp drop in March, the UK service PMI should stabilize at around current low levels in April (we expect 52.0). We also see output prices remaining elevated, confirming that underlying inflationary pressures are hardly receding.
[ Full Story ]Top Market Movers Review
Switzerland CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 6 | 05:45 | Consumer Price Index (YoY) | 2.3% | 2.4% | 2.6% |
| May 6 | 05:45 | Consumer Price Index (MoM) | 0.8% | 0.9% | 0.3% |
Swiss CPI moderates in April, yet in high levels (FXstreet.com)
Consumer prices have moderated their yearly increase in Switzerland although they remain above the 2.0% due to high energy costs, according to data released by the Swiss statistics office.
[ Full Story ]- Read the CPI data at Swiss Statistics [text in German]
- Swiss April CPI up 2.3 pct year−on−year, up 0.8 pct vs March (Thomson Financial News)
- Switzerland Consumer Price Index rises 0.8% in April; 2.3% up year on year (FXstreet.com)
Australia RBA INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 6 | 04:30 | RBA Interest Rate Decision | 7.25% | 7.25% | 7.25% |
Australia's central bank leaves cash target rate unchanged at 7.25 percent (Thomson Financial News)
The Reserve Bank of Australia (RBA) said its board decided at its monthly policy meeting on Tuesday to leave its cash rate at 7.25 percent, but left open the possibility of further near−term hikes if inflationary pressures persist. The market had expected no change but a more hawkish tone from the central bank than the statement issued after its April 1 meeting.
[ Full Story ]- Read the Interest Rate Decision report at Reserve Bank of Australia
- Australia's central bank leaves cash target rate unchanged, as expected − UPDATE (Thomson Financial News)
- Interest rates, market turmoil to hit Australian economy − surveys (Thomson Financial News)
- Australian interest rates to remain steady as data points to softening growth (Thomson Financial News)
Australia TRADE BALANCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 6 | 01:30 | Trade Balance | -2736M | -2900M | -3289M |
Overnight Briefing: Far East Timezone - Australia trade deficit narrows by Jyske Bank
Australia's trade deficit narrowed by more than expected in March as mineral exports rebounded from supply disruptions, even as imports rose to a fresh record.
[ Full Story ]- Read the Trade Balance report at Australian Bureau of Statistics
- Australia trade deficit narrows as exports of coal, iron ore recover (Thomson Financial News)
- DATA SNAP: Australia Mar Trade Deficit A$2.7B −2− (Dow Jones)
- DATA SNAP: Australia Mar Trade Deficit A$2.7B (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 6 | 01:30 | AU | Trade Balance (Mar) | -2736M | -2900M | -3289M |
| 04:30 | AU | RBA Interest Rate Decision | 7.25% | 7.25% | 7.25% | |
| 05:45 | CH | Consumer Price Index (MoM) (Apr) | 0.8% | 0.9% | 0.3% | |
| 05:45 | CH | Consumer Price Index (YoY) (Apr) | 2.3% | 2.4% | 2.6% | |
| 07:30 | EMU | ECB Trichet's Speech | ||||
| 08:00 | DE | Purchasing Manager Index Services (Apr) | 54.6 | 51.8 | ||
| 08:00 | EMU | Purchasing Manager Index Services (Apr) | 51.8 | 51.6 | ||
| 08:30 | UK | Purchasing Manager Index Services (Apr) | 51.7 | 52.1 | ||
| 09:00 | EMU | Producer Price Index (MoM) (Mar) | 0.7% | 0.6% | ||
| 09:00 | EMU | Producer Price Index (YoY) (Mar) | 5.6% | 5.3% | ||