Wednesday, Jun 04, 11:10 GMT
U.S. Trading Newsletter
To Get Started
- Webinar Videos: How New US Regulations on the Financial Markets will Affect Currency Trading by Rob Booker
- 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, Jun 4, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
Forex Options
Expert: S. Wade Hansen
Start: Wed, Jun 4, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Jun 4, 11:00 GMT | Commodity channel index system | Valeria Bednarik | WBN |  |
| Wed, Jun 4, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN | |
| Wed, Jun 4, 13:00 GMT | Main technical theme in the currency market | Jamie Saettele | WBN | |
| Wed, Jun 4, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe − U.S.
GBP/USD
Daily Trading Forecast − Dollar Ready to Rumble by Swiss e Trade AG
The GBP / USD is currently trading at 1.9551. The dollar's new−found strength, coupled with Sterling's inherent weakness, makes this currency pair a good short bet. We would take short positions only after prices in the GBP / USD have recovered a bit from their oversold level. We would take short positions over 1.9580 for a target of 1.9460 support, which we feel will be tested perhaps today or tomorrow. Stop at 1.9645. See chart below.
- New Technical Blog − Operators' intentions by Dr. S. Sivaraman, of i−knowindices.com
- Trading with Bollinger Bands and the ATR John Jagerson, Founder Profiting With Forex
- Check out how pairs moved: Live Currency Rates & Charts
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
Other Topics for this Session:
Currency Technical Report − Currency Technical Analysis by FXGreece
Daily FX Report − The USD could confirm its performance from the last week on Tuesday by Varengold Wertpapierhandelsbank AG
Daily Forex Technical Report − Dollar Firm, Focus on ISM Services and ADP Employment by ActionForex.com
Banks' Analysis
Technical analysis: Short Sterling − Short Sterling – Sep 2008 by Mizuho Corporate Bank
Monthly Technical Outlook − Monthly Technical Outlook by Mizuho Corporate Bank
Currency Performance
Action Bias Summary Table − Action Bias Summary Table by ActionForex.com
FX Analysts' Comments
Wide range swings in EURO and GBP −either way trap moves by Dr. S. Sivaraman, of i−knowindices.com
FX' Signal
Daily Scalping Tip − Daily Scalping Tip by PipsandTips.com
Majors at a Glance
- EUR/USD
- Trades around opening price level 1.5444 , below pivot level 1.5493
06/04/2008 10:05 GMT - GBP/USD
- Moves down below first support level 1.9578
06/04/2008 10:05 GMT - USD/CHF
- Trades around opening price level 1.0419 , above pivot level 1.0394
06/04/2008 10:06 GMT - USD/JPY
- Trades around opening price level 105.09 , above pivot level 104.83
06/04/2008 10:06 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 ADP EMPLOYMENT CHANGE
| Date (GMT) | Event | Cons. | Previous | |
| Jun 4 | 12:15 | ADP Employment Change | -30K | 10K |
Daily Forex Technical Report − Dollar Firm, Focus on ISM Services and ADP Employment by ActionForex.com
The upcoming growth data will be crucial to solidify such expectation and provide further support to the greenback. In near term, today's ISM non−manufacturing index and ADP employment report will be closely watched. ADP employment report is expected to show −30k contraction in May.
[ Full Story ]Top Market Movers Review
EMU RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jun 4 | 09:00 | Retail Sales (YoY) | -2.9% | -0.8% | -1.6% |
| Jun 4 | 09:00 | Retail Sales (MoM) | -0.6% | 0.2% | -0.9% |
DATA SNAP: Rising Food Prices Take Toll On Euro−15 Consumers (Dow Jones)
Rising food and energy prices led to a third straight monthly decline in retail sales in the 15 countries that share the euro during April, indicating that consumers aren't stepping up to support growth as exports slow.
[ Full Story ]- Read the Retail Sales data at Eurostat
- Euro zone April retail sales down 0.6 pct vs March, down 2.9 pct yr−on−yr (Thomson Financial News)
- EU Retail Sales decline 0.6% in Apr; 2.9% down year on year (FXstreet.com)
UK PURCHASING MANAGER INDEX SERVICES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jun 4 | 08:30 | Purchasing Manager Index Services | 49.8 | 50.5 | 50.4 |
UK services sector contracts for first time in 5 years in May − sources UPDATE (Thomson Financial News)
Activity in the UK's services sector, which accounts for around two−thirds of the whole economy, contracted for the first time in over five years as employment levels tumbled, sources said of a key survey.
[ Full Story ]- NTC Economics homepage
- UPDATE:UK Svc Sector Activity Shrinks For 1st Time Since 2003 (Dow Jones)
- Forex − Pound softens as UK services sector shrinks UPDATE (Thomson Financial News)
- Forex − Pound softens as UK services sector shrinks for first time in 5 years (Thomson Financial News)
EMU PURCHASING MANAGER INDEX SERVICES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jun 4 | 08:00 | Purchasing Manager Index Services | 50.6 | 50.6 | 52.0 |
| Jun 4 | 07:55 | Purchasing Manager Index Services | 53.8 | 53.7 | 54.9 |
Euro−Zone Services PMI 50.6 In May Vs 52.0 In April − Sources (Dow Jones)
Activity in the euro−zone economy slowed in May, with the services sector leading the decline. According to market sources Wednesday, the final reading of the Purchasing Managers Index for the euro zone's services sector fell sharply to 50.6 in May from 52.0 in April.
[ Full Story ]- NTC Economics homepage
- Euro zone May services PMI unrevised at 50.6 vs 52.0 in April − sources UPDATE (Thomson Financial News)
- Euro zone May services PMI unrevised at 50.6 vs 52.0 in April − sources (Thomson Financial News)
- Euro Zone PMI services drops to levels close to contraction in May (FXstreet.com)
EMU economic indicators - ECB set to keep refi rate unchanged by BHF−Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jun 4 | 08:30 | UK | Purchasing Manager Index Services (May) | 49.8 | 50.5 | 50.4 |
| 09:00 | OECD Economic Outlook | |||||
| 09:00 | EMU | Retail Sales (MoM) (Apr) | -0.6% | 0.2% | -0.9% |
|
| 09:00 | EMU | Retail Sales (YoY) (Apr) | -2.9% | -0.8% | -1.6% | |
| 09:40 | UK | BRC Shop Price Index (YoY) (May) | 1.8% | 1.2% | ||
| 11:00 | US | MBA Mortgage Applications (May 30) | -15.3% | -4.6% | ||
| 12:15 | US | ADP Employment Change (May) | -30K | 10K | ||
| 12:30 | US | Nonfarm Productivity (1Q) | 2.5% | 1.8% | ||
| 12:30 | US | Unit Labor Costs (1Q) | 2.0% | 2.8% | ||
| 14:00 | US | ISM Non−Manufacturing (May) | 51 | 52 | ||