Thursday, May 07, 07:41 GMT
EUROPEAN Trading Newsletter
To Get Started
- Learning Center: New Contents have been released! Chapter 3 of Unit A - Understand the Mechanics. Read it now!
- Webinar Videos: Understanding the simple rules of Money Management – Part I: The Risk-to-Reward ratio by Sunil Mangwani
- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: Volatility Continues as Market Noise Prevails by Tim Salem
We look ahead to Thursday with the BoE and ECB Interest Rate Decisions ahead of Non−Farm Payrolls, and we continue to see plenty of Volatile Price Action moving forward. With Japan fully back "Online" with their Exchanges, Yen Movement remains rather "Choppy"… as does the Dollar… considering our Risk−Averse/Risk−Appetite Climates.
FX Market Readings: BOE and ECB interest rate decision time- expected market moves by Dr.S. Sivaraman
FX Path: USD/CHF - Traversing a Downtrend Channel by James Chen
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Live Sessions Schedule
How to Get Started Trading Forex
Expert: Mark Whistler
Start: Thu, May 7, 15:00 GMT
Type of Session: Webinar
Live Look at Today's Markets
Expert: Derek Frey
Start: Thu, May 7, 17:00 GMT
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Type of Session: Webinar
| Sponsored by | ||||
| Thu, May 7, 09:00 GMT | Tracking the forex market together / Part I  | Dr.S.Sivaraman | WBN |  |
| Thu, May 7, 11:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN |  |
| Thu, May 7, 13:00 GMT | Tracking the forex market together / Part II | Dr.S.Sivaraman | WBN | |
| Thu, May 7, 15:00 GMT | How to Get Started Trading Forex | Mark Whistler | WBN | |
Current Session: Europe
Consolidating slightly unsteadily above the top of the ‘cloud'
Mizuho Corporate Bank − Consolidating slightly unsteadily above the top of the ‘cloud' and the nine−day moving average, though lagging Pacific rim currencies. Similar patterns can be seen in a series of major currencies suggesting generalised US dollar weakness this month, probably a lot longer than that. Eventually the Euro should be dragged higher by the others.
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GBP/USD
Currency Majors Technical Perspective − GBP/USD: Price locked into Neutral to slight Bullish Bias by FXstreet.com
Consolidation also has Price locked into Neutral to slight Bullish Bias ahead of the BoE Rate Decision with 1.5106 Daily Dynamic Confluence Support with the Hourly 20SMA.
USD/JPY
USD/JPY: Dollar, consolidating below 99.00 by FXstreet.com
The Dollar has moved further down from 99.60 May 1 and May 4 high and, after having dropped to 97.90 intra−week low yesterday, the Dollar has been unable to reach above 98.85 resistance level during Wednesday's Asian session.
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 | |
| May 7 | 11:45 | ECB Interest Rate Decision | 1.00% | 1.25% |
ECB preview: Announcing non−standard measures by Danske Bank A/S
We expect the ECB to cut the refinancing rate by 25bp to 1.0%. This is likely to be the end of this cutting cycle as the governing council seems reluctant to go below 1%.
FX Daily Update - Buy the Rumor Sell the Fact for the Euro? by SpikeCharts
Asian Session – Focus on Bank Stress Test Dents Risk Appetite by ACM − Advanced Currency Markets
Top Market Movers Review
Australia EMPLOYMENT CHANGE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 01:30 | Employment Change | 27.3 | -25.0K | -37.2K |
DATA SNAP: Australian Apr Unemployment Rate 5.4% (Dow Jones)
Australia's unemployment rate fell to a stronger−than−expected seasonally adjusted 5.4% in April from 5.7% in March. The number of employed rose 27,300, the Australian Bureau of Statistics said Thursday. Economists on average had expected an unemployment rate of 5.9% in April, with the number of employed down 25,000.
[ Full Story ]- Read the Employment data at Australian Bureau of Statistics
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 7 | 01:30 | AU | Employment Change (Apr) | 27.3 | -25.0K | -37.2K |
| 01:30 | AU | Unemployment Rate (Apr) | 5.4% | 5.9% | 5.7% | |
| 07:15 | CH | Consumer Price Index (MoM) (Apr) | 0.9% | 0.6% | -0.3% | |
| 07:15 | CH | Consumer Price Index (YoY) (Apr) | -0.3% | -0.6% | -0.4% | |
| 10:00 | DE | Factory Orders n.s.a. (YoY) (Mar) | -35.8% | -38.2% | ||
| 10:00 | DE | Factory Orders s.a. (MoM) (Mar) | -1.0% | -3.5% | ||
| 11:00 | UK | BoE Interest Rate Decision | 0.5% | 0.5% | ||
| 11:45 | EMU | ECB Interest Rate Decision | 1.00% | 1.25% | ||
| 12:30 | US | Continuing Jobless Claims (Apr 25) | 6350K | 6271K | ||
| 12:30 | EMU | ECB Trichet's Speech | ||||