Friday, Jul 25, 07:39 GMT
EUROPEAN Trading Newsletter
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Featured Forex DVDs
FXstreet.com DVD Series − Support and Resistance Trading by Rob Booker and Dave Murphy
In this 2−DVD set, Rob Booker and Dave Murphy guide you through the powerful and easy−to−use trading techniques that have made their FXstreet.com blog one of the most popular forex blogs on the web. Step−by−step, you will learn to set up trades on any currency pair, on any time frame chart. All the trading setups that you will learn come with examples, and full descriptions of why the setups work.
To Get Started
- FXstreet.com International Traders Conference: Early Bird Discount extended until July 31st! Register before it's too late
- Webinar VIDEOS: Trading the Summer Months by Adam Rosen
- Forex Basics: Trading reports for beginners
- Analyst Comments: Opinions from the pros
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.
Forex Blogs
Support and resistance posts
FX Path: Support and Resistance − Which Method is Best? by James Chen
The Advisor Weblog: How to determinate supports and resistances by Valeria Bednarik
Postcards from the Right Edge: Complete Guide to Support and Resistance Trading by Rob Booker
Live Sessions Schedule
The Forex Basic Training Program − Chapter V
Expert: Wayne McDonell
Start: Fri, Jul 25, 08:00 GMT
Type of Session: Webinar
Understand & Use Fibonacci Ratio's Effectively
Expert: Sunil Mangwani
Start: Mon, Jul 28, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Fri, Jul 25, 08:00 GMT | The Forex Basic Training Program − Chapter V | Wayne McDonell | WBN |  |
| Fri, Jul 25, 10:00 GMT | Advanced APF Methods To Determine The Price Momentum  | Sunil Mangwani | WBN | |
| Fri, Jul 25, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN | |
| Fri, Jul 25, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe
GBP/USD
Daily Market Commentary − The dollar rallied versus the European currencies on Thursday by Global Forex Trading
Sterling/dollar is still alternating up and down days, and Thursday was a sharp down day! My model remains short. The slide was overdone and the upside is favored. Initial resistance now comes at 1.9895. Above 1.9945, the next level is 1.9990. A pivot high follows 2.0075. Immediate support is now seen at 1.9818. Below this trendline at 1.9815, support is seen at 1.9760
- GBP/USD Thursday Evening (NY) Video Update by James Chen, Chief Technical Analyst, at FX Solutions
- Support and Resistance Trading DVD by Rob Booker. Discover his powerful trading strategies and techniques!
- Using fibonacci retracements to identify support and resistance by John Jagerson, Founder Profiting With Forex
- Check out how pairs moved: Live Currency Rates & Charts
Other Topics for this Session:
Trading News Report − Will Declining Growth Sink the Pound Further by FXCM
Market Session Recaps − Asia Session by FOREX.com
Banks' Analysis
Daily Technical Analysis − EUR: Buy at 1.5715; stop below 1.5625 by Mizuho Corporate Bank
Forex Technical Analysis − EUR/USD: (1.5703) Double top off 1.5782 by KBC Bank
Forex Trading Strategies − USD rally faces key test as equity markets renew sell−off by Saxo Bank
FX Analysts' Blogs
Week end moves − volatile closing expected by Dr. S. Sivaraman, of i−knowindices.com
Currencies at a Glance
- EUR/USD
- Moves up above first resistant level 1.5716
07/25/2008 06:58 GMT - GBP/USD
- Trades around opening price level 1.9865 , below pivot level 1.9892
07/25/2008 06:59 GMT - USD/CHF
- Moves down below second support level 1.0323
07/25/2008 07:02 GMT - USD/JPY
- Moves down below second support level 106.72
07/25/2008 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
UK GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Cons. | Previous | |
| Jul 25 | 08:30 | Gross Domestic Product (QoQ) | 0.2% | 0.3% |
| Jul 25 | 08:30 | Gross Domestic Product (YoY) | 1.6% | 2.3% |
Friday Notes - We expect Q2 GDP to have grown 0.3% q−o−q by HVB Group
We expect Q2 GDP to have grown 0.3% q−o−q. The strong reading for May retail sales points to a still decent performance of private consumption, which should have underpinned GDP growth in Q2. We see investment contracting further, while net export contribution should have been positive. Still, the plunge in both the manufacturing and services PMI, coupled with a weaker−thanexpected IP, points to downside risks to our call.
[ Full Story ]Top Market Movers Review
Japan CORPORATE SERVICE PRICE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 24 | 23:50 | Corporate Service Price (YoY) | 1.2% | 0.6% | 0.6% |
Japan June Corp Svc Prices +0.5% On Mo, +1.2% On Yr (Dow Jones)
The Bank of Japan's corporate service price index rose 1.2% in June from a year earlier to 95.5, after gaining a revised 0.7% on year in May, the central bank said Friday. The increase, which marked the index's 23rd straight month of on−year growth, was higher than the 0.6% median gain expected by economists. Compared with May, the index was up 0.5%. The CSPI gauges the overall level of prices that companies pay for transportation, advertising, communications and services provided by other firms.
[ Full Story ]- Read the Corporate Service Price Index report at Bank of Japan
- Japan June corporate services price index up 1.2 percent (Thomson Financial News)
Japan NATIONAL CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 24 | 23:30 | Tokyo CPI ex Food, Energy (YoY) | 0.3% | 0.4% | 0.3% |
| Jul 24 | 23:30 | Tokyo Consumer Price Index (YoY) | 1.6% | 1.9% | 1.5% |
| Jul 24 | 23:30 | National CPI Ex−Fresh Food (YoY) | 1.9% | 1.8% | 1.5% |
| Jul 24 | 23:30 | National CPI Ex Food, Energy (YoY) | 0.1% | 0.0% | -0.1% |
| Jul 24 | 23:30 | Tokyo CPI ex Fresh Food (YoY) | 1.6% | 1.6% | 1.3% |
| Jul 24 | 23:30 | National Consumer Price Index (YoY) | 2.0% | 1.9% | 1.3% |
Japan Jun Core CPI +1.9% On Year; Mkt Expected +1.9% (Dow Jones)
Japan's core consumer price index rose 1.9% in June from a year earlier, the Ministry of Internal Affairs and Communications said Friday, marking its biggest increase in more than a decade. The reading matched the forecast by economists polled by Dow Jones Newswires and Nikkei. It was the fastest rise since a 2.0% increase in January 1998. The latest core index figure, which excludes volatile fresh food prices, rose for the ninth straight month, following a 1.5% gain in May.
[ Full Story ]- Read the Consumer Price Index report at Japan Statistics Bureau
- Japan inflation hits over 10−yr high in June as gasoline prices surge − UPDATE (Thomson Financial News)
- UPDATE 1−Japan consumer inflation hits another decade−high (Thomson Financial News)
- INSTANT VIEW−Japan core inflation climbs to 1.9 pct yr/yr (Thomson Financial News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jul 24 | 23:30 | JP | Tokyo Consumer Price Index (YoY) (Jul) | 1.6% | 1.9% | 1.5% |
| 23:50 | JP | Corporate Service Price (YoY) (Jun) | 1.2% | 0.6% | 0.6% | |
| Jul 25 | 06:00 | DE | Import Price Index (MoM) | 1.5% | 2.4% | |
| 06:00 | DE | Import Price Index (YoY) | 8.9% | 7.9% | ||
| 08:00 | EMU | M3 (YoY) (Jun) | 10.5% | |||
| 08:30 | UK | Gross Domestic Product (QoQ) (2Q)  | 0.2% | 0.3% | ||
| 08:30 | UK | Gross Domestic Product (YoY) (2Q) | 1.6% | 2.3% | ||
| 08:30 | UK | Index of Services (May) | 0.4% | 0.3% | ||
| 12:30 | US | Durable Goods Orders (Jun) | -0.3% | 0.0% | ||
| 12:30 | US | Durable Goods Orders ex Transportation (Jun) | -0.2% | -0.9% | ||