Tuesday, May 12, 07:38 GMT
EUROPEAN Trading Newsletter
To Get Started
- NEW: Live Webinars during the Asian Trading Session at 5 GMT. Register now!
- Learning Center: Chapter 4 of Unit A is now online: Trade the facts: consider price action. Read it now!
- Webinar Videos: The Weather Report: Ichimoku Cloud Trading by Chris Capre
- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: EUR/USD and USD/JPY See Correlation Through Dollar Weakness by Tim Salem
We arrive a couple hours into the Asian−Pacific Sector as Ben Bernanke is speaking about the Instiutional Stress Tests with his normal "Jawboning Positive" Rhetoric overall… calling for deeper Insight into Internal Analysis from the Institutions themselves, Gradual Improvement, and the banks being Well−Capitalized.
The Trader's Edge: Continued up pressure on the EUR/USD by Ross Yamashita
FX Market Readings: EURO and GBP are expected to make volatile moves and rise for the day by Dr. S. Sivaraman
Find other fellow traders to share your comments and market view in the FOREX FORUM
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Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, May 12, 14:00 GMT
Type of Session: Webinar
Trading with Autochartist
Expert: Raghee Horner
Start: Tue, May 12, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, May 12, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, May 12, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Tue, May 12, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Tue, May 12, 14:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
Current Session: Europe
EUR/USD
May 12, 07:00 GMTEUR/USD: Terribly close to this year's high
Mizuho Corporate Bank − Holding at the very top of Friday's range, terribly close to this year's high (1.3801 on the 8th January and 1.3739 on the 19th March). It is just a matter of time before we rally here, with the Swiss franc snapping close on the Euro's heels.
Strategy: Buy at 1.3615, adding to 1.3560; stop well below 1.3400. Add to longs on a sustained break above 1.3670 for March's high at 1.3739 and then 1.4000.
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GBP/USD
GBP/USD: 1.5141 Daily Pivot is defining Dynamic Resistance in the Immediate−Term by FXstreet.com Independent Analyst Team
Consolidation also has Price finding Neutral Accumulation Sentiment as the 1.5141 Daily Pivot is defining Dynamic Resistance in the Immediate−Term.
USD/JPY
Forecast on USD Majors − JPY was strong against all the crosses by Precise Trader
JPY was strong against all the crosses. The Hourly Oscillators are bearish but oversold so the bears have to be cautious. Hourly Trend is Sideways Down and Daily Trend is also Sideways Down.
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 INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Cons. | Previous | |
| May 12 | 08:30 | Manufacturing Production (YoY) | -14.0% | -13.8% |
| May 12 | 08:30 | Manufacturing Production (MoM) | -0.8% | -0.9% |
| May 12 | 08:30 | Industrial Production (YoY) | -12.8% | -12.5% |
| May 12 | 08:30 | Industrial Production (MoM) | -0.7% | -1.0% |
Friday Notes - UK, industrial production: Close to the bottom by UniCredit Group
Surveys of factory activity were mixed for March, with the CBI still in free fall and the PMI marking a noticeable rebound. We expect industrial production to continue to contract unabated in March: total and manufacturing production should have been down 1.0% m−o−m.
[ Full Story ]Top Market Movers Review
Germany CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 12 | 06:00 | Consumer Price Index (MoM) | 0.0% | 0.0% | -0.1% |
| May 12 | 06:00 | Consumer Price Index (YoY) | 0.7% | 0.7% | 0.5% |
DATA SNAP: German April CPI 0.0% MM, +0.7% YY,Same As Prelim (Dow Jones)
Consumer prices in Germany remained unchanged in April on the month and rose 0.7% on the year, according to final figures released by the Federal Statistics Office Tuesday.
[ Full Story ]- Germany Apr CPI unchanged from last month, +0.7% YoY (FXstreet.com)
UK BRC RETAIL SALES MONITOR − ALL
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 11 | 23:01 | BRC Retail Sales Monitor − All (YoY) | 4.6% | - | -1.2% |
UK April Retail Sales Post Strongest Growth For 3 Years − BRC (Dow Jones)
U.K. retail sales rebounded strongly in April, posting their strongest annual growth for three years, marking the latest indication that the worst of the U.K. recession could be over. According to data Tuesday from the British Retail Consortium, April's same−store retail sales values rose 4.6% on the year, while total sales values − including those in new store space − were up 6.3%.
[ Full Story ]- Read the Retail Sales data at BRC
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 12 | 06:00 | DE | Consumer Price Index (MoM) | 0.0% | 0.0% | -0.1% |
| 06:00 | DE | Consumer Price Index (YoY) | 0.7% | 0.7% | 0.5% | |
| 06:00 | JP | Machine Tool Orders (YoY) (Apr)  | -80.4% | -85.2% | ||
| 06:05 | DE | Wholesale Price Index (MoM) (Apr) | 0.1% | 0.0% | -0.9% | |
| 08:30 | UK | DCLG House Price Index (YoY) | -12.5% | -12.3% | ||
| 08:30 | UK | Goods Trade Balance (Mar) | -£7.2B | -£7.3B | ||
| 08:30 | UK | Industrial Production (MoM) | -0.7% | -1.0% | ||
| 08:30 | UK | Industrial Production (YoY) | -12.8% | -12.5% | ||
| 08:30 | UK | Manufacturing Production (MoM) | -0.8% | -0.9% | ||
| 08:30 | UK | Manufacturing Production (YoY) | -14.0% | -13.8% | ||