Wednesday, Jan 07, 08:33 GMT
EUROPEAN Trading Newsletter
To Get Started
- Webinar Videos: Doing Dealer Due Diligence by John Jagerson
- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: Surf's Up!... AUD/USD Gains Some Appreciation! by Tim Salem
Greetings on this first Wednesday of 2009! Let's have a quick check of our Technical thoughts on the Euro yesterday... We did, indeed, receive our downside momentum push out of the consolidation Pennant/Triangle formation!
ForexHedge: Hedging by Ron Schelling
Forexology: Gold again... and a new Harmonic pattern by Sunil Mangwani
Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, Jan 7, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
Trading Break Out's And Other Market Views
Expert: Phil Newton
Start: Wed, Jan 7, 11:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Jan 7, 10:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, Jan 7, 11:00 GMT | Trading Break Out's And Other Market Views | Phil Newton | WBN | |
| Wed, Jan 7, 14:00 GMT | Main technical theme in the currency market | Jamie Saettele | WBN |  |
| Wed, Jan 7, 16:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN |  |
Current Session: Europe
EUR/USD
The greenback's rally stalls after gloomy FOMC minutes, weak data
(Saxo Bank) − the EUR was spared a more heavy sell−off, halting the slide just above 1.3300 and reversing the losses resulting in Asia coming in to almost unchanged levels. The sharp rebound risks an extension higher, for EURUSD but, given the growing expectations for deeper ECB rate cuts and dismal data/news out of Europe, the EUR's rally will be seen as a good opportunity to put on fresh short trades.
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EUR/GBP
Daily Forex Technical Report − Dollar Mixed as Markets Driven by Euro Crosses by ActionForex.com
EUR/GBP is now pressing 0.9 psychological support (with 50% retracement of 0.8234 to 0.9798 at 0.9016) and decisive break of which will build up the case that 0.9799 is a medium term top.
USD/CAD
Currency Majors Technical Analysis − USD CAD is in an downtrend directed by 1H exponential moving averages by Mataf.net
USD CAD is in an downtrend directed by 1H exponential moving averages. USD CAD is in a consolidation after the last bearish movement. The volatility decreases.
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
Germany UNEMPLOYMENT RATE S.A.
| Date (GMT) | Event | Cons. | Previous | |
| Jan 7 | 08:55 | Unemployment Rate s.a. | - | 7.5% |
EMU economic indicators - German adjusted unemployment (December): beginning to rise by BHF−Bank
Despite the German economy being in a recession since Q2, adjusted unemployment continued to develop favouribly in the previous months. However, the period of declining unemployment is likely to have ended, and we expect adjusted unemployment to have risen by 10 000 in December. The Labour Agency will also publish the figures for 2008.
[ Full Story ]Daily Forex Technical Report − Dollar Mixed as Markets Driven by Euro Crosses by ActionForex.com
Top Market Movers Review
Australia RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 7 | 00:30 | Retail Sales (MoM) | 0.1% | - | 0.2% |
DATA SNAP: Australian Nov Trend Retail Sales Rise 0.1% Vs Oct (Dow Jones)
The trend estimate for Australian retail sales rose a lower−than−expected 0.1% to A$18.42 billion in November from A$18.40 billion in October and rose from A$18.80 billion a year earlier, the Australian Bureau of Statistics said Wednesday. Economists surveyed ahead of the announcement on average had expected a 0.2% rise in sales for November.
[ Full Story ]- Read the Retail data at Australian Bureau of Statistics
- RPT−UPDATE 1−Australians keep shopping amid global gloom (Thomson Financial News)
- INSTANT VIEW 5−Australia retail sales surprisingly firm in Nov (Thomson Financial News)
- INSTANT VIEW 4−Australia retail sales surprisingly firm in Nov (Thomson Financial News)
Daily Forex Technical Report − Dollar Mixed as Markets Driven by Euro Crosses by ActionForex.com
Forex Trading Strategies - The greenback's rally stalls after gloomy FOMC minutes, weak data by Saxo Bank
UK NATIONWIDE CONSUMER CONFIDENCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 7 | 00:01 | Nationwide Consumer Confidence | -49 | - | 50 |
ABC/Wash Post: US Consumer Confidence Unchanged In Latest Wk (Dow Jones)
U.S. overall consumer confidence started the new year at the same depressed level it ended 2008, according to an ABC News/Washington Post poll released Tuesday. The consumer comfort index held steady at −49 in the week ended Jan. 4 compared with a week earlier.
[ Full Story ]- Read the Confidence data at Nationwide Building Society
- US consumer confidence unchanged, near record low −ABC (Thomson Financial News)
US FOMC MINUTES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 6 | 19:00 | FOMC Minutes | - | - | - |
FACTBOX−Fed staff forecasts from FOMC minutes (Thomson Financial News)
The following are the Federal Reserve's staff forecasts as contained in the minutes of Federal Open Market Committee meetings: DEC. 15−16 FOMC: Minutes released on Jan. 6, 2009: "In the forecast prepared for the meeting, the staff revised down sharply its outlook for economic activity in 2009 but continued to project a moderate recovery in 2010.
[ Full Story ]- UPDATE 3−Fed saw risks to economy despite low rates −minutes (Thomson Financial News)
- US FED: FOMC Debated Non−Explicit Fed Funds Target (Thomson Financial News)
- INSTANT VIEW 4−Fed sees risk of uncomfortably low inflation (Thomson Financial News)
Daily Forex Technical Report − Dollar Mixed as Markets Driven by Euro Crosses by ActionForex.com
Forex Trading Strategies - The greenback's rally stalls after gloomy FOMC minutes, weak data by Saxo Bank
Daily Market Briefing - US Dollar Ends Day Mixed, Could See Directional Moves on Releases of ISM Services, FOMC Minutes by FXCM
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jan 7 | 00:01 | UK | Nationwide Consumer Confidence (Dec) | -49 | 50 | |
| 00:30 | AU | Retail Sales (MoM) (Dec) | 0.1% | 0.2% | ||
| 07:00 | EMU | ECB Trichet's Speech | ||||
| 07:08 | DE | ILO Unemployment Rate (Nov) | 7.1% | 7.1% | ||
| 08:55 | DE | Unemployment Change (Dec) | 10K | -10K | ||
| 08:55 | DE | Unemployment Rate s.a. (Dec) | 7.5% | |||
| 10:00 | EMU | Producer Price Index (MoM) (Nov) | -0.9% | -0.8% | ||
| 10:00 | EMU | Producer Price Index (YoY) (Nov) | 4.5% | 6.3% | ||
| 10:30 | UK | BRC Shop Price Index (YoY) (Dec) | 2.7% | |||
| 12:00 | US | MBA Mortgage Applications (Jan 2) | 0% | |||