Friday, May 09, 07:29 GMT
EUROPEAN Trading Newsletter
To Get Started
- From the Editor's Desk: Day Trading Series - Chapter VI: Tips and Tricks for Successful Day Trading by Markus Heitkoetter
- FX Services: Day trading resources
- Enjoy the New Streaming FX Charts by NetDania/FXCM
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.
Live Sessions Schedule
Banging around the Bands
Expert: Chris Capre
Start: Fri, May 9, 14:00 GMT
Type of Session: Webinar
Fibonacci Friday
Expert: Andrei Pehar
Start: Fri, May 9, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Fri, May 9, 10:00 GMT | Advanced APF Methods To Determine The Price Momentum  | Sunil Mangwani | WBN |  |
| Fri, May 9, 14:00 GMT | Banging around the Bands | Chris Capre | WBN |  |
| Fri, May 9, 15:00 GMT | Fibonacci Friday | Andrei Pehar | WBN | |
| Mon, May 12, 10:00 GMT | Understand & Use Fibonacci Ratio's Effectively | Sunil Mangwani | WBN | |
Current Session: Europe
USD/JPY
Daily Market Commentary − The dollar rallied versus the European currencies but sank versus the yen by Global Forex Trading
Dollar/yen fell sharply while taking its cues from the 103.40 and 104.50. My model went short and this is OK unless 104.50 goes. Strong support is pegged at 103.40 from a 50−point pivot, which targets 102.90 and 103.90. Distant support is at 101.85. Immediate resistance moved to at 104.50 from a 50−point pivot, which targets 104.00 and 105.00.
- 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: Attempt longs at 1.5435, adding to 1.5360 by Mizuho Corporate Bank
FX Analysts' Comments
Market Pulse, Market Cycles, & Chart Patterns by Raghee Horner, Founder of EZ2Trade Software
Currencies at a Glance
- EUR/USD
- Moves up above first resistant level 1.5461
05/09/2008 07:01 GMT - GBP/USD
- Moves down towards first support level 1.9488
05/09/2008 07:01 GMT - USD/CHF
- Moves down towards first support level 1.0451
05/09/2008 07:01 GMT - USD/JPY
- Moves down towards first support level 103.11
05/09/2008 07:02 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
US TRADE BALANCE
| Date (GMT) | Event | Cons. | Previous | |
| May 9 | 12:30 | Trade Balance | -$61.40B | -$62.32B |
US economic indicators - Trade deficit could have remained on a higher level in March, partly due to higher import prices by BHF−Bank
The US trade deficit widened unexpectedly by more than $3bn to –$62.3bn in February, although exports expanded sharply by 2.0% mom. But imports went up even more, by 3.1% mom, particularly due to a surge in natural gas and automobile imports. The latter was a surprise, given the slowdown in consumption.
[ Full Story ]Top Market Movers Review
Japan LEADING ECONOMIC INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 9 | 05:00 | Leading Economic Index | 20.0 | 20.0 | 54.5 |
| May 9 | 05:00 | Coincident Index | 33.3% | 33.3% | 70.0% |
Japan March Leading Indicators 20.0; Coincident 33.3 (Dow Jones)
Japan's index of leading indicators logged 20.0 in March, far below the boom−or−bust threshold of 50.0, the Cabinet Office said Friday. A reading above 50 points to economic expansion over the short term while a figure below 50 heralds contraction. The result matched the average forecast of 20.0 by economists polled by Dow Jones and Nikkei.
[ Full Story ]- Read the Leading Index report at Japan Cabinet Office
- Japan's March leading index down at 20 from 54.4 in Feb, in line with forecasts (Thomson Financial News)
- Japan March Leading Indicators Table (Dow Jones)
Australia RBA MONETARY POLICY STATEMENT
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 9 | 01:30 | RBA Monetary Policy Statement | - | - | - |
Australia's central bank raises 2008 inflation forecasts (Thomson Financial News)
The Reserve Bank of Australia on Friday forecast persistently high inflation over 2008 but said a significant slowing in domestic demand was underway that would bring inflation back to the 2 percent to 3 percent range it aims to keep inflation within by the end of 2010.
[ Full Story ]- Read the Statement on Monetary Policy at RBA
- Australia's central bank pins hopes on domestic slowdown − economists (Thomson Financial News)
- Australia's central bank raises 2008 inflation forecasts − UPDATE (Thomson Financial News)
Asia Market Update - Reserve Bank of Australia cuts their inflation forecast by TradeTheNews.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 8 | 16:30 | US | Fed's Former Chairman Greenspan Speech | |||
| May 9 | 01:30 | AU | RBA Monetary Policy Statement | |||
| 05:00 | JP | Coincident Index (Mar)  | 33.3% | 33.3% | 70.0% | |
| 05:00 | JP | Leading Economic Index (Mar) | 20.0 | 20.0 | 54.5 | |
| 11:00 | CA | Net Change in Employment (Apr) | 12.5 | 14.6 | ||
| 11:00 | CA | Unemployment Rate (Apr) | 6% | 6% | ||
| 12:30 | CA | International Merchandise Trade (Mar) | $4.50B | $4.94B | ||
| 12:30 | US | Trade Balance (Mar) | -$61.40B | -$62.32B | ||
| May 11 | 11:50 | JP | Money Supply M2+CD (YoY) (Apr) | 2.2% | ||
| May 12 | 01:30 | AU | Home Loans (Mar) | -5.9% | ||