Wednesday, Dec 03, 08:45 GMT
EUROPEAN Trading Newsletter
To Get Started
- Webinar Videos: High-Probability Forex Pattern Trading by James Chen
- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: Is Godzilla drinking our Black Gold? by Tim Salem
Today I would like to introduce a somewhat semi−regular Feature on the Blog! In a joint effort with my friend and author of the "Forex Advisor" Blog and Resident Advisor right here on FXstreet, Valeria Bednarik, I will be doing a Crude Oil Post a few times a month when necessary.
FxBootcamp: Pre London Outlook For December 3rd 2008 by David R Pegler
Chartology: Chart Pattern Trading and Autochartist pt1 by Raghee Horner
Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, Dec 3, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
Trading Break Out's And Other Market Views
Expert: Phil Newton
Start: Wed, Dec 3, 11:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Dec 3, 10:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, Dec 3, 11:00 GMT | Trading Break Out's And Other Market Views | Phil Newton | WBN | |
| Wed, Dec 3, 13:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN |  |
| Wed, Dec 3, 14:00 GMT | Main technical theme in the currency market | Jamie Saettele | WBN |  |
Current Session: Europe
EUR/USD
The Euro has climbed higher versus the US dollar
E−Forex − The Euro has climbed higher versus the US dollar on yesterday, testing resistance into the 1.2760 region, formed by the 50% retracement of the 1.2955−1.2560 swing. While holding below the said barrier, the downside should remain under pressure. Intraday support is formed into the 1.2655/65 zone. Hourly studies are slightly bearish at the time of this report. Below 1.2655 will confirm that yesterday's upward move to 1.2765 was corrective, therefore resuming downtrend aiming towards 1.2550. Current quote is 1.2705
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EUR/JPY
Daily Technical Analysis − EUR: Possibly attempt small longs at 1.2680 by Mizuho Corporate Bank
Understandable caution as we test the bottom of the ‘triangle' formation, which can also be seen as an inverted ‘pennant', suggesting another drop is imminent.
TRADING NEWS
Trading News Report − NZD/USD: Trading the Reserve Bank of New Zealand's Rate Decision by FXCM
The New Zealand dollar may face increased selling pressures over the next 24 hours of trading as the RBNZ is widely expected to lower the benchmark interest rate by 150bp to 5.00% from 6.50%.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
EMU PURCHASING MANAGER INDEX SERVICES
| Date (GMT) | Event | Cons. | Previous | |
| Dec 3 | 09:00 | Purchasing Manager Index Services | 43.3 | 45.8 |
EMU economic indicators - EMU PMI: No revision expected by BHF−Bank
German retail sales probably remained unchanged in October, as retailers' business assessment improved and consumer confidence deteriorated. We do not expect any significant revisions for the final PMI indices for November, nor for EMU GDP in Q3 2008.
[ Full Story ]Top Market Movers Review
Australia GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Dec 3 | 00:30 | Gross Domestic Product (QoQ) | 0.1% | 0.2% | 0.3% |
DATA SNAP: Australian 3Q GDP Rises 0.1% On Vs 2Q (Dow Jones)
Australia's average measure of gross domestic product rose 0.1% in the third quarter of 2008 from the second quarter and rose 1.9% from the year−earlier period, the Australian Bureau of Statistics said Wednesday. The data were slightly lower than expected. Economists on average had expected that GDP rose 0.2% on a quarterly basis and rose 1.9% from a year earlier.
[ Full Story ]- Read the GDP (QoQ) data at Australian Bureau of Statistics
- Aussie dips as GDP data adds to economic gloom (Thomson Financial News)
- UPDATE 1−Australia economic growth slowest in eight years (Thomson Financial News)
- INSTANT VIEW 3−Australia economic growth slowest in 8 years (Thomson Financial News)
Daily Forex Technical Report − Dollar and Yen to Resume Rally Cautiously, Focus on Services Data by ActionForex.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Dec 3 | 00:30 | AU | Gross Domestic Product (QoQ) (3Q) | 0.1% | 0.2% | 0.3% |
| 00:30 | AU | Gross Domestic Product (YoY) (3Q) | 1.9% | 1.9% | 2.7% | |
| 02:00 | NZ | ANZ Commodity Price (Nov) | -7.2% | -7.4% | ||
| 07:00 | TH | BoT Interest rate decision | 2.75 | 3.75 | ||
| 08:55 | DE | Purchasing Manager Index Services (Nov) | 43.3 | 48.3 | ||
| 09:00 | EMU | Purchasing Manager Index Services (Nov) | 43.3 | 45.8 | ||
| 09:30 | UK | Purchasing Manager Index Services (Nov) | 41.0 | 42.4 | ||
| 10:00 | EMU | Retail Sales (MoM) (Oct) | -0.4% | -0.2% | ||
| 10:00 | EMU | Retail Sales (YoY) (Oct) | -1.4% | -1.6% | ||
| 10:30 | UK | BRC Shop Price Index (YoY) (Nov) | 3% | |||