Wednesday, Aug 06, 11:57 GMT
U.S. Trading Newsletter
Forex Blogs
Posts for the US Morning
Trader Setups: Forex Video | Set ups 06 Aug '08 | Analysis by Phil Newton
Last nights FOMC decision was that rates would remain unchanged for now and most likely until after the elections.
Postcards from the Right Edge: Thoughts for a new trader by Rob Booker
Forexology: A confusing harmonic situation by Sunil Mangwani
Live Sessions Schedule
Main technical theme in the currency market
Expert: Jamie Saettele
Start: Wed, Aug 6, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
Advanced Methods for Finding Dominant Trends in Forex Markets
Expert: Mark Whistler
Start: Wed, Aug 6, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Aug 6, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN |  |
| Wed, Aug 6, 13:00 GMT | Main technical theme in the currency market | Jamie Saettele | WBN | |
| Wed, Aug 6, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Wed, Aug 6, 14:00 GMT | Advanced Methods for Finding Dominant Trends in Forex Markets | Mark Whistler | WBN | |
Current Session: Europe − U.S.
USD/JPY
Daily Trading Forecast − Dollar Recovery Pauses by Swiss e Trade AG
The summer recovery of the Greenback came to a halt yesterday after the release of the Fed's current monetary policy. It was not that the latter revealed anything new − the Fed intends to keep current interest rates at 2% −
USD / JPY: After another fierce attack on the resistance line at 108.50 in early European trading, the dollar was successful this time, overriding this important level against the yen. This level is now support, which we expect to hold in today's trading. The pair is currently trading at 108.56.
- EURO and GBP are expected to make big swings by Dr. S. Sivaraman, of i−knowindices.com
- Forex Swing Trading, Low Risk / High Reward Trading In The Largest by Sam Seiden, Stocks, Futures, Forex and Options Trader Online Trading Academy
- Institutional Trading Strategies by John Jagerson, Founder Profiting With Forex
- Check out how pairs moved: Live Currency Rates & Charts
Monthly 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 back below pivot level 1.5491
08/06/2008 11:45 GMT - GBP/USD
- Moves down back below pivot level 1.9562
08/06/2008 11:45 GMT - USD/CHF
- Trades around pivot level 1.0528
08/06/2008 11:45 GMT - USD/JPY
- Moves up above first resistant level 108.61
08/06/2008 11:45 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
UK BOE INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Aug 7 | 11:00 | BoE Interest Rate Decision | 5% | 5% |
OUTLOOK BoE to leave rates on hold as economic woes outweigh inflation concerns (Thomson Financial News)
Bank of England rate setters are expected to keep interest rates unchanged on Thursday as they continue to grapple with the twin evils of soaring inflation and a flagging economy. All 24 of the economists polled by Thomson Financial News believe the nine−member Monetary Policy Committee (MPC) will keep the benchmark Bank Rate on hold at 5.00 percent.
[ Full Story ]- 2nd UPDATE: UK Darling: BOE Policy Remit Perfectly Adequate (Dow Jones)
- UPDATE: UK Darling: BOE Policy Remit Perfectly Adequate−BBC (Dow Jones)
Forex Trading Strategies - Focus shifts to tomorrow's ECB and BOE meetings by Saxo Bank
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Cons. | Previous | |
| Aug 7 | 11:45 | ECB Interest Rate Decision | 4.25% | 4.25% |
Eurozone Insight by Yapi Kredi Bank
It all started with the June meeting. The unexpected and sudden announcement of a rate hike to be delivered the following month – unveiled in the Q&A and without resorting to the usual code words – and Trichet's visibly hesitant posture brought the issue of communication back to the fore, ending the two−year long honeymoon between the ECB and the markets and bringing back visions of the bad old times when a disconnect between the central bank and market players seemed to be the rule.
[ Full Story ]Forex Trading Strategies - Focus shifts to tomorrow's ECB and BOE meetings by Saxo Bank
Daily Forex Commentary - Trichet in focus after balanced Fed statement by Jyske Bank
Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 6 | 10:00 | Factory Orders n.s.a. (YoY) | -6.1% | -4.7% | -2.5% |
| Aug 6 | 10:00 | Factory Orders s.a. (MoM) | -2.9% | 0.4% | -1.4% |
German factory orders plunge in June on weaker foreign demand (FXstreet.com)
FXstreet.com (Barcelona) – Manufacturing orders have declined in June for the seventh month in a row, against the market expectations of a mild pick up, weighed by weakening foreign demand, according to the latest report released by the German Ministry of Economics.
[ Full Story ]- UPDATE: German Jun Mfg Orders Adj −2.9% MM: Unadj −6.1% YY (Dow Jones)
- German June manufacturing orders down 2.9 pct vs May; consensus up 0.5 pct (Thomson Financial News)
- Germany Factory Orders s.a.decline 2.9% in Jun; 6.1% down year on year (FXstreet.com)
EMU economic indicators - German industrial new orders (June): down by BHF−Bank
Friday Notes - Mounting recession risks in Europe by HVB Group
US FED INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 5 | 18:15 | Fed Interest Rate Decision | 2% | 2% | 2% |
FOMC: Firmly on hold by Danske Bank A/S
Yesterday evening, the Federal Open Market Committee (FOMC) decided to keep its policy rate unchanged at 2%, as widely expected. Unsurprisingly, one member, Dallas Fed Governor Richard Fisher, voted against the decision, preferring an increase in the fed funds target. <br><br> The statement saw only minor changes. If anything, it was slightly more balanced, putting growth and inflation concerns on a more equal footing compared to the previous meeting. The general message remains that the central bank is firmly hold.
[ Full Story ]- EUR/USD Tuesday Morning (NY) Update after FOMC By James Cheng
- Read the oficial FOMC Statement
- Forex − Dollar remains supported by lower oil prices despite dovish Fed (Thomson Financial News)
- Mexico's Peso Closes Weaker At 9.9105/Dlr; Firm After Fed (Dow Jones)
- The Federal Reserve says that inflation will begin to moderate this year (FXstreet.com)
FedWatch: FOMC Meeting August 5th by BBVA Group
Daily Market Briefing - US Dollar: Will the Bulls Bail Out as FOMC Leaves Rates at 2.00%, Signals Neutral Stance Going Forward? by FXCM
Daily Forex Commentary - Trichet in focus after balanced Fed statement by Jyske Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Aug 6 | 01:30 | AU | Home Loans (Jun) | -3.7% | -2.0% | -7.9% |
| 05:00 | JP | Coincident Index (Jun)  | 101.7% | 101.7% | 103.3% | |
| 05:00 | JP | Leading Economic Index (Jun) | 91.2 | 91.1 | 92.9 | |
| 09:30 | UK | BRC Shop Price Index (YoY) (Jul) | 3.2% | 3.6% | 2.5% | |
| 10:00 | DE | Factory Orders n.s.a. (YoY) (Jun) | -6.1% | -4.7% | -2.5% |
|
| 10:00 | DE | Factory Orders s.a. (MoM) (Jun) | -2.9% | 0.4% | -1.4% |
|
| 14:00 | CA | Ivey Purchasing Managers Index (Jul) | 62.5 | 69.6 | ||
| 14:35 | US | EIA Crude Oil Stocks change (Aug 2) | 0.25M | -0.10M | ||
| 22:45 | NZ | Unemployment Rate (2Q) | 3.8% | 3.6% | ||
| 23:50 | JP | Core Machinery Orders (MoM) (Jun) | 9.5% | 10.4% | ||