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FX Lesson of the Day: Defining the trend
Expert: Dave Floyd
Start: Tue, Jan 23, 17:00 GMT
Sponsored by: 
Type of Session: Webinar
Current Session: Europe - U.S.
GBP/USD
Daily Forex Technical Report - Yen Remains Pressured, Sterling Strengthens into European Session by ActionForex.com
Cable's retreat from 1.9777 was contained above 1.9692 support and then edges higher to 1.9792 today. But, upside momentum is unconvincing with bearish divergence conditions remain in 4 hours MACD and RSI, suggesting a short term top could be around the corner.
- Check out how the currency moved on Live Currency Rates & Charts at FXstreet.com
- Insight on the fundamentals in the Fundamentals section at FXstreet.com
- What's next on the agenda? Take a look at our Economic Events Calendar
- What's going on in the markets? Read our latest Forex news
Other Topics for this Session:
Forex Technical Analysis - EUR/USD:(1.2943) Below the neckline of a ST Double Top by KBC Bank
Daily Technical Analysis - EUR: Still going nowhere while strong currencies creep higher by Mizuho Corporate Bank
Global FX Daily - European Edition - GBP remains firm – JPY weak by Mellon Foreign Exchange
Majors at a Glance
- EUR/USD
- Continues to move up above 1.3000
1/23/2007 12:01:59 PM - GBP/USD
- Continues to move up above 1.9850
1/23/2007 12:03:43 PM - USD/CHF
- Continues to move down toward 1.2400
1/23/2007 12:04:42 PM - USD/JPY
- Moves down below 121.50
1/23/2007 12:05:38 PM
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading Ltd. , KBC Bank, Mizuho Corporate Bank
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
USD CAD, Hourly
Top Market Movers Preview
Canada Retail Sales
| Period | Previous | Consensus | Time |
| November (Sales) | -0.7% | 0.8% | Jan 23, 13:30 GMT |
| November (Ex Autos) | -0.7% | 0.4% | Jan 23, 13:30 GMT |
Economic Release Alert - Canadian Retail Sales (NOV) by FXCM
Analysts predict that retail sales improved for the first month in three, as sharp declines through September and October should lead to a small retrace in subsequent months. Regardless, such a bounce higher does not constitute a fundamental shift in expectations for Canadian consumer demand, with a dreary outlook for domestic manufacturing threatens to derail employment growth in key sectors of the economy.
[ Full Story ]U.S. Leading Indicators
| Period | Previous | Consensus | Time |
| December | 0.2% | 0.1% | Jan 23, 15:00 GMT |
- Tony Juste, FX Advisor at FXstreet.com:
"The delay in the release of the leading indicators could prove to be a hurting tool for the Dollar, as many traders alert that the main reason could be a sharp reversal in the trend the figures were pointing at in the last months. Keeping in mind that they tend to forecast what the economic outlook will be for the next 2-3 months, any negative reading could just spark some selling pressure." - FXstreet.com
Top Market Movers Review
Canada CPI
| Period | Previous | Consensus | Actual |
| December | 0.2% | 0.2% | 0.2% |
Unexpected decrease on Canadian Core CPI by FXstreet.com
Core CPI has decreased unexpectedly in December due to cheaper vehicles and clothes, while the main CPI grew on gasoline prices, according to the latest report by the Canadian statistics office.
- Consumer prices accelerated for the fourth consecutive month in December - Statistics Canada
UK CBI Industrial Trends
| Period | Previous | Consensus | Actual |
| January | 11p | 9p | 12p |
UK Industrial Output rises in January by FXstreet.com
Industrial Output in the United Kingdom has edged up in January to a level of +12 from +11 in December, and, according to the CBI, Confederation of British Industry expects it to continue growing during the next three months. The reading has been better than the +9 expected by the analysts, although the survey shows some concern on inflationary pressures for the months ahead.
[ Full Story ]- Highest balance reporting rising domestic prices of manufactured goods in over a decade - CBI
- UK Jan manufacturing output up at 12-year high in last quarter - CBI (AFX News)
Euro Zone Industrial New Orders
| Period | Previous | Consensus | Actual |
| November (MoM) | -0.6% | 1.1% | 1.4% |
| November (YoY) | 12.5% | 5.7% | 6.2% |
Unexpected growth in Euro Zone Industrial New Orders by FXstreet.com
Factory orders have enjoyed an unexpected rebound in November on the back of a strong demand for transport equipment, as the latest data released by Eurostat shows. The European Official Statistics Office said that new industrial, orders grew 1.4% in November and 6.2% since November 2005 thanks to Transport equipment orders, which have risen 3.9% in November, following a 7.8% drop on the previous month.
[ Full Story ]- Industrial new orders up by 1.4% in euro area - Eurostat [PDF, 176Kb]
- Euro zone Nov industrial orders up 1.4 pct vs Oct, up 6.2 pct yr-on-yr (AFX News)
- Euro rises after strong industrial output data (AFX News)