Thursday, Oct 08, 07:35 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
Chartology: Swing buy on the 15min GBP/USD by Raghee Horner
The 15 minute GBP/USD is heading higher in a mark up cycle. This means I'm waiting for a pullbacks to the 34ema high to trigger a buy.
FX Path: GBP/USD - Bearish Bias in Consolidation by James Chen
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Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Thu, Oct 8, 11:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Thu, Oct 8, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN | |
| Thu, Oct 8, 13:00 GMT | Pip Movement Ranges for Better Trade Management | Raghee Horner | WBN |  |
| Thu, Oct 8, 14:00 GMT | Looking at economic data | Adam Rosen | WBN | |
| Fri, Oct 9, 09:00 GMT | Trading the Harmonic patterns | Sunil Mangwani | WBN |  |
Current Session: Europe
Allow for hesitation at the 1.4750 area this morning
Mizuho Corporate Bank − Limping along behind the leaders as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is certainly not overbought. Allow for hesitation at the 1.4750 area this morning, and mainly all day. Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4500.
GBP/USD
The trend remains down against 1.6130 by DailyFX
The trend remains down against 1.6130 and price action since the 9/28 low is viewed as a consolidation (perhaps a triangle). A resistance line is at 1.6105 tomorrow.
EUR/JPY
Euro/Yen still playing about with this trendline, coming in today at 130.34 by Charmer Charts.com
Euro/Yen still playing about with this trendline, coming in today at 130.34. It has been down as low as 129.56 yesterday, but the declines were not maintained, leaving this in a bit of a quandary.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : FXstreet.com, Financial Trend Analysis
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
UK BOE INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Oct 8 | 11:00 | BoE Interest Rate Decision | 0.5% | 0.5% |
ECB and BOE: meetings Thursday, RBA hikes first by Easy Forex
At the September BOE policy meeting the BOE elected to continue its plan to buy £175 bln in asset purchases to try and boost UK growth and to hold its overnight rate unchanged at 0.5%.
[ Full Story ]European and US summary - Greenback Recovers, Eyes ECB, BoE by Forexnews.com
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Oct 8 | 11:45 | ECB Interest Rate Decision | 1% | 1% |
EMU economic indicators - ECB council: No policy change by BHF−Bank
The ECB Council is holding its regular monthly meeting on Thursday. The interest rate decision will be announced at 13:45hrs, the press conference is scheduled for 14:30hrs. Over the last few weeks, policymakers have repeatedly stated that it is too early to withdraw stimulus and declare the crisis over.
[ Full Story ]European and US summary - Greenback Recovers, Eyes ECB, BoE by Forexnews.com
ECB and BOE: meetings Thursday, RBA hikes first by Easy Forex
US INITIAL JOBLESS CLAIMS
| Date (GMT) | Event | Cons. | Previous | |
| Oct 8 | 12:30 | Initial Jobless Claims | 541K | 551K |
| Oct 8 | 12:30 | Continuing Jobless Claims | - | 6090K |
US TRADE BALANCE
| Date (GMT) | Event | Cons. | Previous | |
| Oct 9 | 12:30 | Trade Balance | -$32.70B | -$31.96B |
US economic indicators - Trade balance (Aug): Rising slightly due to higher prices by BHF−Bank
Top Market Movers Review
Australia UNEMPLOYMENT RATE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 8 | 00:30 | Employment Change | 40.6K | -10.0K | -26.1K |
| Oct 8 | 00:30 | Unemployment Rate | 5.7% | 6.0% | 5.8% |
DATA SNAP: Australian Sep Unemployment Rate 5.7% (Dow Jones)
[ Full Story ]- Read the Unemployment data at ABS
- Australia September Unemployment 5.7% (Forex Live)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Oct 8 | 05:00 | JP | Eco Watchers Survey: Current (Sep) | 43.1K | 42.5 | 41.7 |
| 05:00 | JP | Eco Watchers Survey: Outlook (Sep) | 44.5 | 44.0 | ||
| 06:00 | JP | Machine Tool Orders (YoY)  | -61.9% | -71.5% | ||
| n/a | AU | Foreign Reserves (Sep) | 55.4B | |||
| 10:00 | DE | Industrial Production s.a. (MoM) (Aug) | -16.7% | -0.9% | ||
| 10:00 | DE | Industrial Production s.a. w.d.a. (YoY) (Aug) | 1.5% | -17.0% | ||
| 11:00 | UK | BoE Interest Rate Decision | 0.5% | 0.5% | ||
| 11:45 | EMU | ECB Interest Rate Decision | 1% | 1% | ||
| 12:15 | CA | Housing Starts s.a (YoY) (Sep) | 146.5K | 150.4K | ||
| 12:30 | US | Initial Jobless Claims (Oct 3) | 541K | 551K | ||
Educational Resources
I had a few vacation days in Spain with a group of friends. We had a great time and the company, weather and food couldn't have been better. It was pretty much the perfect weekend away, except for one thing – the exchange rate! As many of you would have noticed, my home currency, the Great British Pound, has been having a hard time over the last year. Read Sam Evans' article
From the Lessons From the Pros as well:
$8000 Tax Credit for the Purchase of Real Estate by Diana Hill