Wednesday, May 07, 11:22 GMT
U.S. Trading Newsletter
To Get Started
- Webinar Videos: Momentum and SMA 20: Alexander Elder Technique explained by Valeria Bednarik
- EUR/USD falls afther the German Factory Orders released..
- Forex Video: News Trade Alert by Wayne McDonell
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Live Sessions Schedule
Main technical theme in the currency market
Expert: Jamie Saettele
Start: Wed, May 7, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
Live Look at Today's Markets
Expert: Derek Frey
Start: Wed, May 7, 17:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, May 7, 13:00 GMT | Main technical theme in the currency market | Jamie Saettele | WBN | |
| Wed, May 7, 15:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN |  |
| Wed, May 7, 16:00 GMT | The Importance of Trend Lines in Forex and How To Use Them | Sam Seiden | WBN | |
| Wed, May 7, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN | |
Current Session: Europe − U.S.
GBP/USD
Daily Trading Forecast − Recent Dollar Strength Seems to be Waning by Swiss e Trade AG
The GBP / USD saw renewed selling today in early European trading due to lousy manufacturing figures from the UK. Currently, the pair is trading at 1.9583, which is below a support level we see at 1.9600. Prices may test next support at 1.9360 over the remainder of this week, although volume was very low in early morning trading today, and we may see a recovery. Recommendation: Sell the GBP / USD at prices over 1.9600 for a target of 1.9480. With possible moves lower to 1.9363, we suggest a stop at 1.9655. See chart below.
- Raghee Horner's Four Step Trading: Forex by Raghee Horner, co−Founder and Lead Trader Raghee.com
- Check out how pairs moved: Live Currency Rates & Charts
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
Banks' Analysis
Monthly Technical Outlook − Monthly Technical Outlook by Mizuho Corporate Bank
Currency Performance
Action Bias Summary Table − Action Bias Summary Table by ActionForex.com
Majors at a Glance
- EUR/USD
- Moves down towards first support level 1.5458
05/07/2008 10:34 GMT - GBP/USD
- Moves down below first support level 1.9657
05/07/2008 10:34 GMT - USD/CHF
- Moves up above opening price level 1.0521 , above pivot level 1.0498
05/07/2008 10:34 GMT - USD/JPY
- Moves up towards first resistant level 105.25
05/07/2008 10:34 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading, Mizuho Corporate Bank
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US NONFARM PRODUCTIVITY
| Date (GMT) | Event | Cons. | Previous | |
| May 7 | 12:30 | Nonfarm Productivity | 1.6% | 1.9% |
The Week Ahead - Productivity, Wholesale Inventories, Trade Balance and Jobless Claims by BBVA Bancomer
As GDP figures suggested, productivity likely expanded 1.3% in the first quarter. This is equivalent to a 3.0% change on a year−over−year basis, still above productivity's long−term trend, estimated at 2−2.5%. Productivity could decelerate significantly or even decrease in the second quarter due output contraction –we expect GDP to decrease in 2Q08− and relatively mild job losses.
[ Full Story ]- HIGHLIGHTS Outlook of US economic indicators to be released in the coming week (Thomson Financial News)
Weekly Forex Market Commentary - The Productivity report for the first quarter is due on Wednesday by Global Forex Trading
Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 10:00 | Factory Orders n.s.a. (YoY) | -5.0% | 5.7% | 8.9% |
| May 7 | 10:00 | Factory Orders s.a. (MoM) | -0.6% | 0.2% | -0.6% |
DATA SNAP: German March Mfg Orders Fall 0.6% On Month (Dow Jones)
German manufacturing orders unexpectedly fell a monthly 0.6% in March due to weaker euro−zone, as well as domestic, demand, data released by the German Economics Ministry showed Wednesday.
[ Full Story ]- Read the Factory Orders data at BMWi [text in German]
- German manufacturing orders slump in March (FXstreet.com)
- German March manufacturing orders down 0.6 pct vs Feb; consensus up 0.5 pct (Thomson Financial News)
- German Factory Orders s.a. decline 0.6% in Mar; 0.5%down on year (FXstreet.com)
EMU economic indicators - ECB set to keep refi rate unchanged by BHF−Bank
EMU RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 09:00 | Retail Sales (MoM) | -0.4% | 0.1% | -0.2% |
| May 7 | 09:00 | Retail Sales (YoY) | -1.6% | -0.6% | 1.0% |
DATA SNAP: Euro−Zone Retail Sales Post Record On Yr Drop (Dow Jones)
Euro−zone retail sales posted a record drop on the year in March, but the previous month's figures were revised significantly to show a rise rather than a fall, data released by European statistics agency Eurostat showed Wednesday.
[ Full Story ]- Read the report: Volume of retail trade down by 0.4% in euro area at Eurostat
- Forex − Euro edges lower on weak retail sales numbers (Thomson Financial News)
- Euro zone March retail sales down 0.4 pct vs Feb, down 1.6 pct yr−on−yr (Thomson Financial News)
- Euro Zone retail sales drop further in March (FXstreet.com)
UK INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 7 | 08:30 | Industrial Production (YoY) | 0.2% | 0.8% | 1.2% |
| May 7 | 08:30 | Industrial Production (MoM) | -0.5% | -0.1% | 0.3% |
| May 7 | 08:30 | Manufacturing Production (MoM) | -0.5% | 0.0% | 0.4% |
| May 7 | 08:30 | Manufacturing Production (YoY) | 0.6% | 1.2% | 1.9% |
UK industrial production, weaker than expected in March (FXstreet.com)
Industrial production has declined in the UK in March, against the experts' expectations, weighed by the significant decrease in the output of transport equipment, according to data released by National Statistics.
[ Full Story ]- Read the Index of Production data at National Statistics
- Forex − Pound drops as weak industrial production numbers boost rate cut chances (Thomson Financial News)
- UK March manufacturing output down 0.5 percent vs Feb, biggest fall in 6 months (Thomson Financial News)
- United Kingdom Mar Industrial Production falls 0.5%; 0.2% up year on year (FXstreet.com)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 7 | 09:00 | EMU | Retail Sales (YoY) (Mar) | -1.6% | -0.6% | 1.0% |
| 09:30 | UK | BRC Shop Price Index (MoM) (Apr) | 0.1% | 0.2% | ||
| 09:30 | UK | BRC Shop Price Index (YoY) (Apr) | 1.2% | 1.5% | 1.1% | |
| 10:00 | DE | Factory Orders n.s.a. (YoY) (Mar) | -5.0% | 5.7% | 8.9% |
|
| 10:00 | DE | Factory Orders s.a. (MoM) (Mar) | -0.6% | 0.2% | -0.6% |
|
| 11:00 | US | MBA Mortgage Applications (May 2) | 15.6% | -11.1% | ||
| 12:30 | US | Nonfarm Productivity (1Q)  | 1.6% | 1.9% | ||
| 12:30 | US | Unit Labor Costs (1Q) | 2.5% | 2.6% | ||
| 14:00 | US | Pending Home Sales (MoM) (Mar) | -1.0% | -1.9% | ||
| 14:30 | US | EIA Crude Oil Stocks change (May 3) | 1.8M | 3.8M | ||