Thursday, Mar 05, 08:37 GMT
EUROPEAN Trading Newsletter
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- Webinar Videos: Hedging with Options in Today's Forex by John Jagerson
- All the events of the day in our Economic Calendar
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Forex Blogs
1st on Forex: The Best Show on Earth – G20 and the Gang – "Priceless" by Jerry Furst
As we await Interest Rates from the ECB and the UK. The fools on the hill continue to entertain us with their multi−trillion dollar show… The Cast of Characters: The President, The Fed Chairman, the Treasury Secretary, the Prime Minister of the UK, and Jimmy Rodgers!
Forex Trading Today: Bearish Sentiment Becoming Evident on EUR/USD and GBP/USD by Tim Salem
Find other fellow traders to share your comments and market view in the FOREX CHAT
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Live Sessions Schedule
How to Get Started Trading Forex
Expert: Mark Whistler
Start: Thu, Mar 5, 16:00 GMT
Type of Session: Webinar
Live Look at Today's Markets
Expert: Derek Frey
Start: Thu, Mar 5, 18:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Thu, Mar 5, 10:00 GMT | Tracking the forex market together / Part I  | Dr.S.Sivaraman | WBN |  |
| Thu, Mar 5, 11:00 GMT | Advanced APF Methods To Determine The Price Momentum | Sunil Mangwani | WBN |  |
| Thu, Mar 5, 14:00 GMT | Tracking the forex market together / Part II | Dr.S.Sivaraman | WBN | |
| Thu, Mar 5, 15:00 GMT | FX Market Pulse | Raghee Horner | WBN | |
Current Session: Europe
EUR/USD: The Euro steps back from 1.2660 as ECB is expected to cut rates
FXstreet.com − EUR/USD rally has capped at 1.2660 resistance level to drop back about 80 pips during Thursday's Asian session. At the moment of writing, ahead of European session opening, the Euro is trying to regain 1.2600.
Below there, next support area remains at 1.2550, and below here the Euro could find minor support at 1.2500/15, and then yesterday's three−month low at 1.2460.
Above 1.2600, the Euro would have 1.2660 at sight, and once over there the pair would be at intra−week high and on its way towards 1.2700 and 1.2750 (Feb 27 high)
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Daily Technical Analysis − USD/JPY: Fretting and excitement as we approach the psychological level. by Mizuho Corporate Bank
Breaking above 99.00 as many are forced to completely change their outlook on the Yen. No doubt there will be much fretting and excitement as we approach the psychological level.
GBP/USD
GBP/USD: Pound bounces back from 1.4135; tests 1.4200 intra−day high by FXstreet.com
Sterling has reversed ahead of European session opening the slight decline posted during Thursday's Asian session, and at the moment the pound is setting an attack to the 1.4200 intra−day high after successful, bounce on 1.4135.
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 ECB INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Mar 5 | 12:45 | ECB Interest Rate Decision | 1.5% | 2.0% |
ECB Preview: Focus on quantitative easing by Danske Bank A/S
We look for a 50bp cut to 1.5% and a fairly dovish statement at Thursday's ECB meeting, which keeps the door open for a further reduction in rates to at least 1.0%. ECB rarely surprises and all 55 analysts in a Bloomberg survey expect a 50bp cut, which is a probable outcome although one could argue for an even bigger cut.
[ Full Story ]Daily Market Report - With most participants expecting a record low cut from the central bank by Wachovia
European Market Update - Service PMI's data maintains pressure on ECB by TradeTheNews.com
Top Market Movers Review
Germany RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Mar 5 | 07:00 | Retail Sales (MoM) | -0.6% | 0.3% | -0.2% |
| Mar 5 | 07:00 | Retail Sales (YoY) | -1.3% | -0.7% | -0.3% |
DATA SNAP: German Jan Retail Sales Weaker Than Expected (Dow Jones)
German retail sales fell unexpectedly in January, suggesting that household demand in the euro zone's largest economy remains subdued, preliminary data from the Federal Statistics Office showed Thursday.
[ Full Story ]- Read the Retail Sales data at German Statistics
- Germany Retail Sales (MoM) down to −0.6% (FXstreet.com)
US FED'S BEIGE BOOK
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Mar 4 | 19:00 | Fed's Beige Book | - | - | - |
Fed Beige Book (FXstreet.com)
Federal Reserve's latest assessment of economic conditions, which have been released Wednesday, showed that the contraction in U.S. economic output deepened in the first two months of the year with no turnaround expected anytime soon. The Fed said in what is known as the Beige Book, which summarizes largely anecdotal economic conditions in advance of the March 17−18 Federal Open Market Committee, "Suggest that national economic conditions deteriorated further in January through late February."
[ Full Story ]- Read the Beige Book data at Federal Reserve
- Wednesday's News Recap: U.S. Sheds 697k Private Jobs, Beige Book Worsens Further (CEP News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Mar 4 | 17:00 | US | Fed's Lockhart speech | |||
| 19:00 | US | Fed's Beige Book | ||||
| Mar 5 | 07:00 | DE | Retail Sales (MoM) | -0.6% | 0.3% | -0.2% |
| 07:00 | DE | Retail Sales (YoY) | -1.3% | -0.7% | -0.3% | |
| 10:00 | EMU | Gross Domestic Product s.a. (QoQ) (4Q)  | -1.5% | -0.2% | ||
| 10:00 | EMU | Gross Domestic Product s.a. (YoY) (4Q) | -1.2% | 0.6% | ||
| 12:00 | UK | BoE Interest Rate Decision | 0.5% | 1.0% | ||
| 12:45 | EMU | ECB Interest Rate Decision | 1.5% | 2.0% | ||
| 13:30 | EMU | ECB Trichet's Speech | ||||
| 13:30 | US | Nonfarm Productivity (4Q) | 1.5% | 3.2% | ||