Wednesday, Sep 17, 12:07 GMT
U.S. Trading Newsletter
To Get Started
- US Financial Crisis goes on: AIG makes Fed reverse its position by FXstreet.com
- Webinar Videos: How long will this USD trend last? by Adam Rosen
- Exclusive report - Perceiving Forex Volatility through Descriptive Statistics − Part 1 by Mark Whistler
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Forex Blogs
Ahead the Fed
The Disciplined Trader: Now what after the FOMC announcement? − EUR/USD recovering? by Pierre Charlebois
After much gyration in the price immediately following the FOMC minutes release, we are now back at a greater level prior to the news.
FX Path: GBP/USD Alert − Near the Top of a Wedge/Pennant by James Chen
The Advisor Blog: After the FOMC by Valeria Bednarik
Live Sessions Schedule
Main Fundamental theme in the Currency market
Expert: Terri Belkas
Start: Wed, Sep 17, 13:00 GMT
Sponsored by: 
Type of Session: Webinar
Multiple Timeframe Trading
Expert: James Chen
Start: Wed, Sep 17, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Sep 17, 13:00 GMT | Main Fundamental theme in the Currency market | Terri Belkas | WBN | |
| Wed, Sep 17, 14:00 GMT | Multiple Timeframe Trading | James Chen | WBN |  |
| Wed, Sep 17, 15:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN | |
| Wed, Sep 17, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN |  |
Current Session: Europe − U.S.
EUR/USD
Daily Market Commentary − The dollar edged up on Tuesday on consolidation by GFT (Global Forex Trading)
EUR/USD has had a trading range of 21 big figures or 2100 pips. The high of 1.6038 was set back in July and while the low (so far) of 1.3882 was hit last Friday. With an average annual range of 1900 pips since the Euro's inception, the move may seem unprecedented to many traders. However that is not true, in 2003, the EUR/USD had a 2300 pip range and in 2002, the range was approximately 2200 pips.
For currency traders, the latest move in the EUR/USD compared to its move historically suggests that 1.3882 is not far from the bottom in the EUR/USD and it should just be a matter of time that the dust settles and the volatility and trading range of the EUR/USD starts to contract. However keep in mind, that this "time" could still be a month away.
- Fed Special Coverage Transcript by Valeria Bednarik
- Technical Analysis Bootcamp: The indicators you need to know and how to interpret them by Dan Blystone, Founder TradersLog.com
- Check out how pairs moved: Live Currency Rates & Charts
Other Topics for this Session:
Daily Analysis − AIG is rescued by the Government with an $85 billion Fed Loan by Finotec Group Inc.
Currency Technical Report − Currency Technical Report by FXGreece
Currency on the Day − GBP/USD by Forex−Trends.com
Daily Forex and Dow Jones Recommended Levels − Fxtechtrade by FXtechtrade
Forex Analysts' Blog
Mid week −swing and firming up moves expected by Dr. S. Sivaraman, of i−knowindices.com
Currency Performance
Action Bias Summary Table − Action Bias Summary Table by ActionForex.com
Majors at a Glance
- EUR/USD
- Trades above pivot level 1.4170
09/17/2008 12:03 GMT - GBP/USD
- Continues to trade around pivot level 1.7860
09/17/2008 12:04 GMT - USD/CHF
- Stays above pivot level 1.1173
09/17/2008 12:04 GMT - USD/JPY
- Continues to trade around opening price level 105.65 , above pivot level 105.18
09/17/2008 12:04 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, GFT (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 HOUSING STARTS
| Date (GMT) | Event | Cons. | Previous | |
| Sep 17 | 12:30 | Housing Starts (YoY) | 0.950M | 0.965M |
| Sep 17 | 12:30 | Building Permits (MoM) | 0.925M | 0.937M |
US economic indicators - Housing starts (August): downward trend intact by BHF−Bank
As expected, housing starts fell back in July, by 11% mom to a new 17−year low of 965k. Given the depressed level of the NAHB index, we expect housing starts to have fallen further – albeit slightly – to 950k in August. Building permits, which are already on a lower level, could have remained more or less stable at 935k.
[ Full Story ]Top Market Movers Review
EMU TRADE BALANCE N.S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Sep 17 | 09:00 | Trade Balance s.a. | -€6.4B | -€3.7B | -€3.0B |
| Sep 17 | 09:00 | Trade Balance n.s.a. | -€2.3 | -€3.0B | -€0.2B |
DATA SNAP: Euro−Zone Trade Deficit Widened In July (Dow Jones)
The euro zone's trade deficit widened in July as export growth failed to match the rising cost of energy imports.
[ Full Story ]- Euro area external trade deficit 2.3 bn euro at Eurostat
- UPDATE: DATA SNAP: Euro−Zone Trade Deficit Widened In July (Dow Jones)
- CORRECT: Euro−Zone's Energy Gap Was EUR151 Bln In Yr To June (Dow Jones)
- Euro Zone's trade gap boosted in July on energy imports (FXstreet.com)
UK BANK OF ENGLAND MINUTES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Sep 17 | 08:30 | Bank of England Minutes | - | - | - |
BoE voted 8−1 for steady rates, Blanchflower wanted 50bps cut (Thomson Financial News)
The Bank of England's Monetary Policy Committee voted 8−1 to keep interest rates at 5 percent this month with David Blanchflower calling for a half−point reduction in borrowing costs.
[ Full Story ]- Read the Minutes at the Bank of England
- FACTBOX−Bank of England policymakers' recent comments (Thomson Financial News)
- UPDATE 1−BoE MPC voted 8−1 to hold rates, one wanted 50bp cut (Thomson Financial News)
- The Bank of England approved to hold rates by 8 votes to 1 (FXstreet.com)
European Market Update - BOE favors slower economic growth to bring inflationary expectations back to target; ZEW data better on lower oil and softer Euro curency by TradeTheNews.com
UK ILO UNEMPLOYMENT RATE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Sep 17 | 08:30 | Jobless Claims Change | 32.0K | 22.5K | 20.1K |
| Sep 17 | 08:30 | Average Earnings excluding Bonus (3Mo/Yr) | 3.7% | 3.6% | 3.7% |
| Sep 17 | 08:30 | Average Earnings including Bonus (3Mo/Yr) | 3.7% | 3.4% | 3.4% |
| Sep 17 | 08:30 | ILO Unemployment Rate (3M) | 5.5% | 5.4% | 5.4% |
| Sep 17 | 08:30 | Claimant Count Rate | 2.8% | 2.8% | 2.7% |
DATA SNAP: UK Jobless Count Posts Biggest Rise Since 1992 (Dow Jones)
The U.K.'s claimant count jobless figure posted its biggest monthly increase for 15−1/2 years in August as the slowdown in the economy weighed on the labor market, the Office for National Statistics said Wednesday.
[ Full Story ]- Labour market statistics − September 2008 at National Statistics
- Sterling falls, dented by bank woes and jobless data (Thomson Financial News)
- UPDATE 1−UK Aug jobless sees biggest jump since Dec 1992 (Thomson Financial News)
- UPDATE: UK Jobless Count Posts Sharpest Increase Since 1992 (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Sep 17 | 08:30 | UK | Bank of England Minutes | |||
| 09:00 | EMU | Trade Balance n.s.a. (Jul) | €-2.3 | -€3.0B | -€0.2B |
|
| 09:00 | EMU | Trade Balance s.a. (Jul) | €-6.4B | -€3.7B | -€3.0B | |
| 09:00 | CH | ZEW Survey − Expectations (Sep) | -44.4 | -79.6 | ||
| 10:00 | UK | CBI Industrial Trends Survey − Orders (MoM) (Sep) | -26 | -13 | ||
| 11:00 | US | MBA Mortgage Applications (Sep 12) | 33.4% | 9.5% | ||
| 12:30 | US | Building Permits (MoM) (Aug) | 0.925M | 0.937M | ||
| 12:30 | CA | Canadian Investment in Foreign Securities (Jul) | -$9.5B | |||
| 12:30 | US | Current Account (2Q) | -$179.0B | -$176.4B | ||
| 12:30 | CA | Foreign investment in Canadian securities (Jul) | $5.00B | $7.25B | ||