Tuesday, Dec 16, 09:02 GMT
EUROPEAN Trading Newsletter
To Get Started
- Webinar Videos: Trading Range bound and Trending Markets by Adam Rosen
- FED Meeting preview in our Economic Calendar
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Forex Blogs
1st on Forex: FOMC Announcement − Drop Rates to Zero? by Jerry Furst
After Tuesday's meeting − The next scheduled FOMC meeting is January 28, will there be a new Fed Chairman at the helm, or will Bernanke be held over? Will there be any more rate cuts available at that time? There are expectations that rates could be lowered to 0.25% − making the US rates even lower than Japan.
FXBootcamp: Pre London Outlook For December 16th 2008 by David Pegler
the Trader's Edge: Has the USD/CHF seen a top? by Ross Yamashita
Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Dec 16, 15:00 GMT
Type of Session: Webinar
Deflation Economics and the Dollar
Expert: Joseph Trevisani
Start: Tue, Dec 16, 17:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Dec 16, 12:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, Dec 16, 14:00 GMT | The USD and the Dow | Adam Rosen | WBN |  |
| Tue, Dec 16, 15:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
| Tue, Dec 16, 17:00 GMT | Deflation Economics and the Dollar | Joseph Trevisani | WBN | |
Current Session: Europe
Dollar Pressured in a Busy Day with FOMC, US CPI, EZ PMIs and UK CPI
ActionForex.com − Dollar's sharp decline continues ahead of a busy day that features FOMC rate decision and release of consumer inflation as well as new residential construction data from the US. Fed is widely expected to cut rates by at least 50 bps to bring the federal funds rate to lowest levels in decades of 0.50%. There are some speculations that Fed will indeed opt for a deeper cut with interest rate futures pricing in more than 60% chance of a 75bps cut.
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EUR/USD
EUR/USD: (1.3730) 1.3747 = 38.2% 1.6040 to 1.2331 by KBC Bank
Strong rebound off 1.2548 puts pair above (1.3081: neckline Double Bottom: 1st target has been met) and above daily channel top off high (1.3350 today), with 1.3747 being approached
GBP/USD
1,5287. GBP USD broke 1,5120 resistance by Mataf.net
GBP USD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration.
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
US FED INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Dec 16 | 19:15 | Fed Interest Rate Decision | 0.5% | 1.0% |
FOMC Preview: Dollar Sells Off Ahead of Rate Decision by GFT (Global Forex Trading)
Tuesday's FOMC meeting will be remembered for decades to come as the Federal Reserve brings interest rates down to the lowest level this generation has ever seen. With 2 realistic options on the table and economist and traders divided on how much the Fed will cut interest rates, the only certain outcome is significant volatility for the currency market.
[ Full Story ]- Read the Rate data at Federal Reserve
- TOPWRAP 2−Fed set to halve rates; Japan, China may act too (Thomson Financial News)
Top Market Movers Review
EMU PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Dec 16 | 09:00 | Purchasing Manager Index Services | 42.0 | 41.5 | 42.5 |
| Dec 16 | 09:00 | Purchasing Manager Index Manufacturing | 34.5 | 34.5 | 35.6 |
EMU economic indicators - PMI manufacturing indices Germany and EMU (December): down by BHF−Bank
For similar reasons, French business confidence and the Purchasing Managers' Index for the German and EMU manufacturing sector will probably have continued deteriorating in December. The EMU trade balance is likely to have improved in October, like the corresponding German figure.
[ Full Story ]Daily Forex Technical Report − Dollar Pressured in a Busy Day with FOMC, US CPI, EZ PMIs and UK CPI by ActionForex.com
Germany PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Dec 16 | 08:30 | Purchasing Manager Index Manufacturing | 33.5 | 34.6 | 35.7 |
| Dec 16 | 08:30 | Purchasing Manager Index Services | 46.4 | 43.8 | 45.1 |
German Manufacturing PMI dives lower in December (FXstreet.com)
Manufacturing activity has declined further in Germany in December, from the already weak level posted in November, while services activity has improved slightly although yet within contraction levels, according to the Flash Purchasing Manager's Index.
[ Full Story ]- Markit economics Homepage
- Germany Purchasing Manager Index Services increases to 46.4 in Dec from 45.1 in Nov (FXstreet.com)
- Germany Purchasing Manager Index Manufacturing down to 33.5 in Dec from 35.7 in Nov (FXstreet.com)
Daily Forex Technical Report − Dollar Pressured in a Busy Day with FOMC, US CPI, EZ PMIs and UK CPI by ActionForex.com
EMU economic indicators - PMI manufacturing indices Germany and EMU (December): down by BHF−Bank
Switzerland INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Dec 16 | 08:15 | Industrial Production (YoY) | 0.7% | 3.6% | 6.4% |
| Dec 16 | 08:15 | Industrial Production (QoQ) | -5.2% | -2.2% | 8.9% |
Swiss industrial production declined beyond expectations in the 3Q (FXstreet.com)
Industrial production has declined considerably in the third quarter of the year, following a strong increase in the previous quarter, according to data released by the Swiss Statistics Office.
[ Full Story ]- Slower industrial growth at Swiss Statistics
- TABLE−Swiss Q3 industry orders rise 3.1 pct yr/yr (Thomson Financial News)
- Switzerland Industrial Production declines 5.2% in the 3Q; 0.7% up year on year (FXstreet.com)
Daily Forex Technical Report − Dollar Pressured in a Busy Day with FOMC, US CPI, EZ PMIs and UK CPI by ActionForex.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Dec 16 | 08:30 | DE | Purchasing Manager Index Services (Dec)  | 46.4 | 43.8 | 45.1 |
| 09:00 | EMU | Purchasing Manager Index Manufacturing (Dec) | 34.5 | 34.5 | 35.6 | |
| 09:00 | EMU | Purchasing Manager Index Services (Dec) | 42.0 | 41.5 | 42.5 | |
| 09:00 | CH | SECO Economic Forecasts (Dec) | ||||
| 09:30 | UK | Consumer Price Index (MoM) (Nov) | -0.3% | -0.2% | ||
| 09:30 | UK | Consumer Price Index (YoY) (Nov) | 3.9% | 4.5% | ||
| 09:30 | UK | Core Consumer Price Index (YoY) (Nov) | 1.8% | 1.9% | ||
| 09:30 | UK | Retail Price Index (MoM) (Nov) | -0.7% | -0.3% | ||
| 09:30 | UK | Retail Price Index (YoY) (Nov) | 3.1% | 4.2% | ||
| 10:00 | UK | BoE Inflation Letter | ||||