Friday, Jan 23, 08:58 GMT
EUROPEAN Trading Newsletter
To Get Started
- Webinar Videos: Rule Based Short Term Trading In Forex by Sam Seiden
- All the events of the day in our Economic Calendar
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Forex Blogs
The Disciplined Trader: Will the Ten Year Low on the GBP/USD hold up? by Pierre Charlebois
Well nobody know this for sure, however the very fact that we have come to visit it for tea so to speak, suggest it may fall some time this year if not very soon. In the meantime what about the short and medium term? will it hold up over the next few days to cause a reversal?
Forex Trading Today: Gold Drops By for a Visit... So Let's Have A Chat! by Tim Salem
Sponsored by 
Live Sessions Schedule
Main Fundamental theme in the Currency market
Expert: Terri Belkas
Start: Fri, Jan 23, 15:00 GMT
Sponsored by: 
Type of Session: Webinar
Fibonacci Friday
Expert: Andrei Pehar
Start: Fri, Jan 23, 16:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Fri, Jan 23, 08:30 GMT | Outlook for the major currencies this week | Ian Copsey | WBN |  |
| Fri, Jan 23, 10:00 GMT | Advanced APF Methods To Determine The Price Momentum  | Sunil Mangwani | WBN |  |
| Fri, Jan 23, 12:00 GMT | Trading systems involving Moving Averages | Valeria Bednarik | WBN | |
| Fri, Jan 23, 13:00 GMT | US Pre−Market Open | Ed Ponsi | WBN | |
Current Session: Europe
Sterling in Range, Await GDP to Confirm Recession
(ActionForex.com) − GBP/USD remains bounded in tight range above 1.3621 after recent decline stalled at key support of 1.3680 long term support (50% projection of 1.8668 to 1.4557 from 1.5722 at 1.3667). With an intraday low in place, some more recover could be seen and above 1.4052 will bring stronger rebound. Though, firstly, outlook won't turn bullish before a break of 1.4469 resistance. However, considering the importance of 1.3680 long term support, outlook will remain neutral only until breakout on either side.
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Daily Recommended Trades − Euro failed to climb past recent resistance region of 1.3080−1.3100 by E−Forex
The downside is under renewed pressure as the Euro failed to climb past recent resistance region of 1.3080−1.3100. Important support formed by a rising trendline is seen into the 1.2850 zone.
Trading News Report − GBP/USD: Trading the U.K. Gross Domestic Product by FXCM
The British pound may face increased selling pressure over the next 24 hours of trading as economists forecast the advanced GDP reading to show a contraction of 1.3% in the fourth quarter.
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
UK GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Cons. | Previous | |
| Jan 23 | 09:30 | Gross Domestic Product (QoQ) | -1.2% | -0.6% |
| Jan 23 | 09:30 | Gross Domestic Product (YoY) | -1.4% | -0.3% |
PREVIEW−UK Q4 GDP to show Britain in recession (Thomson Financial News)
Britain has entered recession for the first time since 1991, official data is expected to confirm on Friday, with national output forecast to have fallen by 1.2 percent in the final three months of 2008. Britain will be the first major economy to publish gross domestic product data for the period.
[ Full Story ]Daily Forex Technical Report − Sterling in Range, Await GDP to Confirm Recession by ActionForex.com
Top Market Movers Review
Germany PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 23 | 08:30 | Purchasing Manager Index Manufacturing | 32.0 | 32.0 | 32.7 |
| Jan 23 | 08:30 | Purchasing Manager Index Services | 45.4 | 45.5 | 46.6 |
German Manufacturing and Services PMI's dip lower in January (FXstreet.com)
Manufacturing activity has contracted further in Germany in January from levels well into contraction already, and similar trend has been observed in the services sector, according to January's advanced Purchasing Manager's Index.
[ Full Story ]- Markit Economics homepage
- Germany Purchasing Manager Index Service Est. falls to 45.4 in Jan from 46.6 in Dec (FXstreet.com)
- Germany Purchasing Manager Index Manufacturing Estimated falls to 32 in Jan vs 32.7 in Dec (FXstreet.com)
Germany, the readings should also have weakened to 31.8 and 45 by ActionForex.com
EMU economic indicators - PMI manufacturing indices Germany and EMU (January): down by BHF−Bank
Japan BANK OF JAPAN MONTHLY ECONOMIC SURVEY
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 23 | 05:00 | Bank of Japan Monthly Economic Survey | - | - | - |
UPDATE 1−BOJ says Japan financial conditions getting tighter (Thomson Financial News)
The Bank of Japan said on Friday that domestic financial conditions have become tighter and the stimulative effect of very low overnight call rates has decreased. The central bank also cut its overall assessment of the domestic economy in its monthly report, saying that economic conditions are deteriorating rapidly.
[ Full Story ]- Read the Survey data at Bank of Japan
- BOJ says Japan financial conditions getting tighter (Thomson Financial News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jan 23 | 01:30 | AU | Import Price Index (QoQ) (4Q) | 10.8% | 5.9% | 5.0% |
| 05:00 | JP | Bank of Japan Monthly Economic Survey | ||||
| 08:30 | DE | Purchasing Manager Index Manufacturing (Jan)  | 32.0 | 32.0 | 32.7 | |
| 08:30 | DE | Purchasing Manager Index Services (Jan) | 45.4 | 45.5 | 46.6 | |
| 09:00 | EMU | Purchasing Manager Index Manufacturing (Jan) | 33.5 | 33.9 | ||
| 09:00 | EMU | Purchasing Manager Index Services (Jan) | 41.7 | 42.1 | ||
| 09:30 | UK | Gross Domestic Product (QoQ) (Dec) | -1.2% | -0.6% | ||
| 09:30 | UK | Gross Domestic Product (YoY) (4Q) | -1.4% | -0.3% | ||
| 09:30 | UK | Index of Services (Nov) | -0.2% | |||
| 09:30 | UK | Retail Sales (MoM) (Dec) | -0.7% | 0.3% | ||