Wednesday, May 20, 07:49 GMT
EUROPEAN Trading Newsletter
To Get Started
- NEW: Live Webinars during the Asian Trading Session: Markets Commentaries at 5 and 6 GMT. Check our schedule!
- Learning Center: Chapter 4 of Unit A is now online: Trade the facts: consider price action. Read it now!
- Webinar Videos: Economic and Technical View of the Currency Market by Rob Booker
- All the events of the day in our Economic Calendar
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Forex Blogs
Forex Trading Today: AUD/USD and USD/CAD Look to Appreciation with Gold and Oil Correlations by Tim Salem
Greetings, Everyone and Welcome to Wednesday! Our "usual" Commodity Currency Focus Day is upon us, as we check in on Crude Oil due to the EIA Inventories Data later, as well as checking in with the Australian Dollar and Gold in consideration of their recent Strength and Bullish Sentiments.
FX Market Readings: EURO and GBP are expected to swing and rise more for mid week by Dr.S. Sivaraman
The Day Job Trader: USD/JPY Finishes a Pull Back by Ryan O'Keefe
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Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, May 20, 09:00 GMT
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Type of Session: Webinar
Trading Waves with Fibonacci
Expert: Phil Newton
Start: Wed, May 20, 10:00 GMT
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Type of Session: Webinar
| Sponsored by | ||||
| Wed, May 20, 09:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, May 20, 10:00 GMT | Trading Waves with Fibonacci | Phil Newton | WBN | |
| Wed, May 20, 11:00 GMT | Using Fibonacci ratios to manage your trades efficiently | Sunil Mangwani | WBN |  |
| Wed, May 20, 12:00 GMT | US Session Open  | Ed Ponsi | WBN |  |
Current Session: Europe
Bullish Sentiment continues Adherence to the Hourly Uptrend Channel
FXstreet.com Independent Analyst Team − Bullish Sentiment continues Adherence to the Hourly Uptrend Channel, as Consolidation takes place as the Hourly 20SMA provides Dynamic resistance.
The Range is currently 1.3580 to 1.3661 Daily Static Resistance, as the "V" Hourly Price Formation called for Accumulation in the Immediate−Term. A break of this Range sees slight Downside Contraction, although the 1.3536 Hourly 200SMA should ultimately Hold after the potential Daily Static 1.3556 Correction.
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USD/JPY
Daily Technical Analysis − USD Dropping neatly from the first Fibonacci by Mizuho Corporate Bank
Dropping neatly from the first Fibonacci and what is now trendline resistance. It is possible that we have already formed an interim high and we have already started the descent to re−test the bottom of the ‘cloud'.
GBP/USD
Forecast on USD Majors − GBPUSD closed at a five months high by Precise Trader
GBPUSD closed at a five months high. Asian session was very quiet.The Hourly Oscillators are turning bearish, so cautious approach is needed. GBP was strong against all crosses except AUD.
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
US FOMC MINUTES
| Date (GMT) | Event | Cons. | Previous | |
| May 20 | 18:00 | FOMC Minutes | - | - |
US economic indicators - FOMC minutes (29 Apr): adjusted projections for 2009 to 2011 by BHF−Bank
The FOMC minutes of the meeting on 28/29 April will include adjusted projections for GDP growth, inflation and unemployment. Three months ago, the FOMC expected a central tendency for 2009 GDP growth (Q4/Q4) of –1.3% to 0.5%, but after two quarters of annualised negative growth rates of more than 6% qoq, the range could be revised to –2.0% to –0.5%.
[ Full Story ]Friday Notes - FOMC minutes (april): Zero interest rate policy by UniCredit Group
Top Market Movers Review
Germany PRODUCER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 20 | 06:00 | Producer Price Index (YoY) | -2.7% | -1.3% | -0.5% |
| May 20 | 06:00 | Producer Price Index (MoM) | -1.4% | 0.0% | -0.7% |
DATA SNAP: German April PPI −1.4% On Month, −2.7% On Year (Dow Jones)
German producer prices posted their sharpest annual drop in 22 years in April, confirming market views that disinflation is still the prevailing trend, Federal Statistics Office data showed Wednesday.
[ Full Story ]- Read the PPI data at German Statistics
- Germany Apr MoM PPI declines 1.4%, −2.7% YoY (FXstreet.com)
Japan GROSS DOMESTIC PRODUCT ANNUALIZED
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 19 | 23:50 | Gross Domestic Product Annualized | -15.2% | -16.1% | -14.4% |
Japan Jan−Mar Real GDP −4.0% Q/Q; Consensus −4.4% (Dow Jones)
Japan's economy shrank at its fastest pace on record in the January−March quarter, battered by a record drop in exports amid a global slowdown and weak domestic demand, government data showed Wednesday. Gross domestic product fell price−adjusted 4.0% from the previous three months, Cabinet Office data showed. The decrease translates into an annualized 15.2 drop, and comes as business and consumer spending fell sharply along with exports.
[ Full Story ]- Read the GDP data at Cabinet Office (Japan)
- Japan January−March GDP Table Of Data (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 20 | 01:30 | AU | Wage Price Index (QoQ) (1Q) | 0.8% | 0.8% | 1.3% |
| 01:30 | AU | Wage Price Index (YoY) (Apr) | 4.2% | 4.2% | 4.3% | |
| 06:00 | DE | Producer Price Index (MoM) (Apr) | -1.4% | 0.0% | -0.7% | |
| 06:00 | DE | Producer Price Index (YoY) (Apr) | -2.7% | -1.3% | -0.5% | |
| 08:30 | UK | Bank of England Minutes | ||||
| 09:00 | CH | ZEW Survey − Expectations (Apr) | -27.7 | |||
| 10:00 | UK | CBI Industrial Trends Survey − Orders (MoM) (May) | -50 | -57 | ||
| 11:00 | CA | Bank of Canada Consumer Price Index Core (MoM) (Apr) | 0.1% | 0.3% | ||
| 11:00 | CA | Bank of Canada Consumer Price Index Core (YoY) (Apr) | 1.8% | 2.0% | ||
| 11:00 | CA | Consumer Price Index (MoM) (Apr) | 0.2% | 0.2% | ||