Tuesday, Oct 07, 11:20 GMT
U.S. Trading Newsletter
To Get Started
- Webinar Videos: What may we expect for the rest of the year? by Adam Rosen
- Special Coverage - Europe reacts to the global crisis by FXstreet.com
- Live Technical Analysis Workshop with Sunil Mangwani in Barcelona on November 1st - Special discount for ITC attendees!
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ITC: Last Call Offer − Register deadline is October 10!
The ITC will take place in Barcelona, Woody Allen's favourite destination! by FXstreet.com
Come and enjoy the FXstreet.com International Traders Conference in one of the most exciting cities of the world, Barcelona. Meet and learn from the best FX experts at the ITC, while you can visit this unequivocally Mediterranean city.
Barcelona offers you history, culture and leisure and will surely make of your stay an unforgettable experience.
Forex Blogs
FX Market Readings: Anti market sentiment moves by Dr. S. Sivaraman
EURO and GBP dropped big yesterday. Also AUD, and YEN was considered as risk free currency and that gained big along with USD.
FX Path: Forex Oscillator Trading by James Chen
Live Sessions Schedule
Dan Blystone's Daily Briefing
Expert: Dan Blystone
Start: Tue, Oct 7, 12:30 GMT
Type of Session: Webinar
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Oct 7, 14:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Oct 7, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, Oct 7, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Tue, Oct 7, 12:30 GMT | Dan Blystone's Daily Briefing | Dan Blystone | WBN | |
| Tue, Oct 7, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe − U.S.
GBP/USD
Daily Trading Forecast − Interest Rate Cuts Seem Plausible by Swiss e Trade AG
Today we see more volatility in the major pairs, with not only the FOMC's minutes published at 20:00 CET but with other Fed officials to speak before that, one member at 17:00 CET and the head of the Fed at 19:15 CET.
While cable held up remarkably well over the last days, it came under substantial pressure this European morning amid growing belief the BoE would cut interest rates soon. Currently trading at 1.7390 and near its day's low so far at 1.7325, we expect some recovery moves up to resistance at 1.7450 before further weakness sets in. We see the 1.7325 level on the downside holding in today's trading.
- What may we expect for the rest of the year? by Adam Rosen, CEO and Co−Founder at 4xLounge
- 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 Forex News − Forex − Dollar and Yen surged broadly on Monday by ACM − Advanced Currency Markets
FX daily Commentary − How Long Can the Dollar Remain Strong? by FXGreece
Daily FX Report − Japan's Nikkei Stock falls over 5% to a 5−year low under 10,000 by Varengold Wertpapierhandelsbank AG
Forex Technical Report − USDCHF Possible Short by ForexHound.com
Weekly Outlook
Market Thoughts − 7/10/2008 − The Current Market Sentiment by FX Recommends
Currency Performance
Action Bias Summary Table − Action Bias Summary Table by ActionForex.com
Majors at a Glance
- EUR/USD
- Trades around pivot level 1.3551
10/07/2008 10:13 GMT - GBP/USD
- Moves down below opening price level 1.7438 , below pivot level 1.7497
10/07/2008 10:13 GMT - USD/CHF
- Stays above pivot level 1.1415
10/07/2008 10:14 GMT - USD/JPY
- Trades around opening price level 101.82 , below pivot level 102.39
10/07/2008 10:14 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 FOMC MINUTES
| Date (GMT) | Event | Cons. | Previous | |
| Oct 7 | 18:00 | FOMC Minutes | - | - |
Daily Market Briefing - US Dollar Rockets Higher on Demand for Treasuries, Will the FOMC Minutes Trigger a Sell−off? by FXCM
Looking ahead to Tuesday, the minutes from the Federal Open Market Committee's September meeting will be released and this could draw attention once again to the problems plaguing the US economy. It was somewhat surprising to see the markets completely brush off the disappointing non−farm payrolls numbers, as the risks for recession remain very high.
[ Full Story ]Top Market Movers Review
Germany FACTORY ORDERS S.A.
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 7 | 10:00 | Factory Orders n.s.a. (YoY) | -7.6% | -4.7% | -0.3% |
| Oct 7 | 10:00 | Factory Orders s.a. (MoM) | 3.6% | 0.5% | -1.3% |
German manufacturing orders rise 3.6 pct m/m in Aug (Thomson Financial News)
German manufacturing orders unexpectedly rose by 3.6 percent on the month in August, ending an unprecedented run of eight consecutive declines, preliminary Economy Ministry data showed on Tuesday.
[ Full Story ]- Read the Factory Orders data at BMWi [text in German]
- UPDATE 1−German industry orders post first rise in 9 months (Thomson Financial News)
- INSTANT VIEW 1−German manufacturing orders bounce back (Thomson Financial News)
- TABLE−German Aug manufacturing orders +3.6 pct m/m (Thomson Financial News)
Friday Notes - Order volume shrinking by HVB Group
UK INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 7 | 08:30 | Manufacturing Production (YoY) | -1.9% | -1.6% | -1.4% |
| Oct 7 | 08:30 | Manufacturing Production (MoM) | -0.4% | -0.2% | -0.2% |
| Oct 7 | 08:30 | Industrial Production (MoM) | -0.6% | -0.2% | -0.4% |
| Oct 7 | 08:30 | Industrial Production (YoY) | -2.3% | -2.0% | -1.5% |
UK manufacturing output weakens above expectations in August (FXstreet.com)
Industrial production as well as manufacturing output have both posted larger than expected declines in August, weighed by a large decline in the transport equipment industries, according to data released by National Statistics.
[ Full Story ]- Lee el dato oficial en la Office for National Statistics
- Read the Index of Production data at the Office for National Statistics
- UPDATE: UK Mfg Output In Longest Losing Streak Since 1980 (Dow Jones)
- UK manufacturing posts longest losing streak since 1980 (Thomson Financial News)
- TABLE−UK industrial production falls 0.6 pct m/m in Aug (Thomson Financial News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Oct 7 | 08:30 | UK | Industrial Production (YoY) (Aug) | -2.3% | -2.0% | -1.5% |
| 08:30 | UK | Manufacturing Production (MoM) (Aug) | -0.4% | -0.2% | -0.2% | |
| 08:30 | UK | Manufacturing Production (YoY) (Aug) | -1.9% | -1.6% | -1.4% | |
| 10:00 | DE | Factory Orders n.s.a. (YoY) (Aug) | -7.6% | -4.7% | -0.3% |
|
| 10:00 | DE | Factory Orders s.a. (MoM) (Aug) | 3.6% | 0.5% | -1.3% |
|
| 10:00 | IN | RBI Interest Rate Decision | 8.5% | 9.0% | ||
| 17:15 | US | Fed's Bernanke Speech | ||||
| 18:00 | US | FOMC Minutes (Sep 16) | ||||
| 19:00 | US | Consumer Credit (Aug) | $6.00B | $4.56B | ||
| 21:00 | US | ABC/Washington Post Consumer Confidence (Oct 5) | -41 | |||