Thursday, May 08, 07:34 GMT
EUROPEAN Trading Newsletter
To Get Started
- From the Editor's Desk: Momentum and SMA 20: Alexander Elder Technique explained by Valeria Bednarik
- ECB and BoE: Preview of May 8 meetings by FXstreet.com
- FX Services: Day trading resources
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Live Sessions Schedule
Understand & Use Fibonacci Ratio's Effectively
Expert: Sunil Mangwani
Start: Thu, May 8, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
How to Get Started Trading Forex
Expert: Steve Primo
Start: Thu, May 8, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, May 8, 10:00 GMT | Understand & Use Fibonacci Ratio's Effectively | Sunil Mangwani | WBN | |
| Thu, May 8, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Thu, May 8, 13:00 GMT | Advanced Fibonacci Applications | Adam Rosen | WBN |  |
| Thu, May 8, 14:00 GMT | Index Investing for Forex Traders | John Jagerson | WBN | |
Current Session: Europe
EUR/USD
Daily Market Commentary − The dollar rallied on Wednesday versus the European currencies by Global Forex Trading
Euro/dollar slumped on Wednesday to test its recent lows and my model remains short. The selling pressure should continue today as well. Immediate support is now seen at 1.5230. Below 1.5200, euro/dollar would test support at 1.5115. Distant support is pegged at 1.5040. Above 1.5365, resistance is now seen at 1.5420. The euro/dollar then has additional resistance at 1.5515,1.5600 and 1.5685.
- Raghee Horner's Four Step Trading: Forex by Raghee Horner, co−Founder and Lead Trader Raghee.com
- 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
Daily Technical Analysis − EUR: Possibly attempt tiny longs at 1.5300 by Mizuho Corporate Bank
FX' Signal
Support, Resistance and Range Forecast by AceTrader
Currencies at a Glance
- EUR/USD
- Trades around first support level 1.5325
05/08/2008 06:48 GMT - GBP/USD
- Trades around opening price level 1.9535 , below pivot level 1.9592
05/08/2008 06:48 GMT - USD/CHF
- Trades above pivot level 1.0550
05/08/2008 06:51 GMT - USD/JPY
- Moves down below second support level 104.03
05/08/2008 06:51 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 BOE INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| May 8 | 11:45 | ECB Interest Rate Decision | 4% | 4% |
| May 8 | 11:00 | BoE Interest Rate Decision | 5% | 5% |
Central Banks: ECB and BoE - Preview of May 8 meetings by FXstreet.com
Thursday 8 brings BOE and ECB to the stage. The European Central Bank and the Bank of England will publish their monthly monetary policy decisions in a context of fast growing inflation, with strong currencies in both cases, and recent economic data pointing out to an acceleration of the economic slowdown.
[ Full Story ]- Central Banks will, most likely, leave interest rates unchanged (FXstreet.com)
- Forex − Pound lower as speculation of a UK rate cut steps up (Thomson Financial News)
Monetary−policy meeting at the Bank of England by Jyske Bank
European and US summary - Central Banks Eyed by Forexnews.com
Top Market Movers Review
Germany TRADE BALANCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 8 | 06:00 | Trade Balance | 16.7B | 17.0B | 16.9B |
DATA SNAP: German March Unadj Trade Surplus EUR16.7B (Dow Jones)
Germany's trade surplus was a touch below expectations in March, while the current account surplus beat forecasts, data from the Federal Statistics Office showed Thursday.
[ Full Story ]- Read the Trade Balance data at German Statistics
- UPDATE: German March Unadj Trade Surplus EUR16.7B (Dow Jones)
- German trade surplus narrowed slightly in March (FXstreet.com)
- German March trade surplus 16.7 bln euros vs 16.9 bln in Feb; cons 15.2 bln (Thomson Financial News)
Australia EMPLOYMENT CHANGE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 8 | 01:30 | Employment Change | 25.4K | 10.0K | 14.8K |
Australian Apr Employment +25,400; Consensus +10,000 (Dow Jones)
Australia's unemployment rate rose to a worse−than−expected seasonally adjusted 4.2% in April from 4.1% in March. The number of employed rose 25,400, the Australian Bureau of Statistics said Thursday. Economists on average had expected an unemployment rate of 4.1% in April, with the number of employed up 10,000.
[ Full Story ]- Read the Labour Force report at Australian Bureau of Statistics
- Australia's April unemployment up at 4.2 pct; job growth beats forecasts (Thomson Financial News)
Overnight Briefing: Far East Timezone - Australian employment jumps in April by Jyske Bank
UK NIESR GDP ESTIMATE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 23:01 | NIESR GDP Estimate | 0.4% | 0.5% | 0.5% |
UK GDP growth stable in three months to April, but could slow in May − NIESR (Thomson Financial News)
The National Institute of Economic Social Research (NIESR) estimated that the UK economy's growth rate was stable during the three months to April, but said growth could slow in the latest quarter. The leading think tank said UK GDP grew by 0.4 percent during the quarter to April, the same rate seen as in the three months to March.
[ Full Story ]- Read the GDP Estimate report at NIESR website
New Zealand UNEMPLOYMENT RATE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 22:45 | Unemployment Rate | 3.6% | 3.5% | 3.4% |
New Zealand jobs fall sharply as economy slows (Thomson Financial News)
The number of jobs in New Zealand fell at the fastest rate for 19 years in the March quarter as the economy slowed sharply, official figures showed Thursday. Although the economy has been slowing rapidly this year, higher unemployment is not expected to take hold until later in the year. Most economists had expected employment to be steady in the March quarter.
[ Full Story ]- Read the Unemployment Rate report at Statistics New Zealand
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 8 | 01:30 | AU | Unemployment Rate (Apr) | 4.2% | 4.1% | 4.1% |
| 05:45 | CH | Unemployment Rate (Apr) | 2.6% | 2.5% | 2.6% | |
| 05:45 | CH | Unemployment Rate s.a. (Apr) | 2.6% | 2.5% | 2.5% | |
| 06:00 | DE | Trade Balance (Mar) | 16.7B | 17.0B | 16.9B | |
| 10:00 | DE | Industrial Production s.a. (MoM) (Mar) | -0.5% | 0.4% | ||
| 10:00 | DE | Industrial Production s.a. w.d.a. (YoY) (Mar) | 5.0% | 6.1% | ||
| 11:00 | UK | BoE Interest Rate Decision (Apr) | 5% | 5% | ||
| 11:45 | EMU | ECB Interest Rate Decision | 4% | 4% | ||
| 12:30 | US | Continuing Jobless Claims (Apr 26) | 3019K | |||
| 12:30 | EMU | ECB Trichet's Speech | ||||