Wednesday, Oct 08, 13:48 GMT
U.S. Trading Newsletter
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- Webinar Videos: Outlook for the major currencies this week by Ian Copsey
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The Banks Madness
Global 50bp rate cut by FXstreet.com
The euro hit an intraday high Wednesday morning as foreign exchange traders in New York woke up to emergency coordinated rate cuts, triggering a modest dollar sell−off. The U.S. Federal Reserve was joined by the Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank and the Swiss National Bank in reducing their respective policy interest rates in response to widening concerns on a global economic slowdown. The People's Bank of China also cut its one−year yuan lending rate. While the safe haven currency weakened on the news, the sell−off did not hugely shift currencies from recent ranges.
- Read all the relate contents and combine your favorite tags
- Joint Statement by Central Banks at Federal Reserve website
- Euro Hits Intraday High As Dollar Declines On Rate Cuts (Dow Jones)
Currencies movements
Euro Hits Intraday High As Dollar Declines On Rate Cuts by Dow Jones
The euro hit an intraday high Wednesday morning as foreign exchange traders in New York woke up to emergency coordinated rate cuts, triggering a modest dollar sell−off. The euro rose to an intraday high of $1.3743. The greenback and the lower−yielding yen have been gaining support over the last two months as investors liquidate out of emerging markets and riskier investments funded in those currencies.
- Get more Technical data and reports
- The coordinated rate cut brings an end to Ultra−high volatile market? (FXstreet.com)
- Dollar Under Y100, Euro Under $1.37; Fed Cut Effect Fades (Dow Jones)
- Stg up vs dlr after global coordinated rate cut (Thomson Financial News)
Forex Blogs
| Country | Actual | Previous |
| CAD Overnight Rate | 2.50% | 3.00% |
| CHF Libor Rate | 2.50% | 2.75% |
| EUR Minimum Bid Rate | 3.75% | 4.25% |
| GBP Official Bank Rate | 4.50% | 5.00% |
| USD Federal Funds Rate | 1.50% | 2.00% |
New rates around the world by Valeria Bednarik
Live Sessions Schedule
Dan Blystone's Daily Briefing
Expert: Dan Blystone
Start: Wed, Oct 8, 16:00 GMT
Type of Session: Webinar
Live Look at Today's Markets
Expert: Derek Frey
Start: Wed, Oct 8, 17:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Oct 8, 13:30 GMT | US Session Open  | Ed Ponsi | WBN |  |
| Wed, Oct 8, 15:00 GMT | Institutional Trading Strategies | Andrei Pehar | WBN | |
| Wed, Oct 8, 16:00 GMT | Dan Blystone's Daily Briefing | Dan Blystone | WBN | |
| Wed, Oct 8, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN | |
Current Session: Europe − U.S.
EUR/JPY
Currencies' Reaction to Coordinate Rate Cut by By Tatsuya Kawashini, FX Advisor at FXstreet.com
EUR/USD, GBP/USD and USD/JPY slightly show bullish sentiment after the large movement driven by 6 major interest rate cuts.
Meanwhile USD/CHF has moved down 30 pips. Next support is at 1.1212.
EUR/JPY found a support at 134.13 after dropping over 1,800 pips since Sept 22.
In 15 minutes chart MACD bullish crossover is confirmed. A break of 138.80 would suggest further upward move.
- 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
Forex Analysts' Blog
New rates aroudn the world by Valeria Bednarik, analyst and foreign manager at MolFX − Management
Other Topics for this Session:
Forex Technical Report − USDCHF Still Bearish by ForexHound.com
Trading News Report − U.S. Pending Home Sales to Fall Further − Will the Dollar Give Back? by FXCM
Currency Technical Report − Currency Technical Report by FXGreece
Weekly Outlook
Market Thoughts − 7/10/2008 − The Current Market Sentiment by FX Recommends
USD/JPY − Yen Strength by James Chen, Chief Technical Analyst at FX Solutions.
Forex Signals
Recent Recommended Trades by AceTrader
Majors at a Glance
- EUR/USD
- Moves up above first resistant level 1.3727
10/08/2008 12:31 GMT - GBP/USD
- Moves up above pivot level 1.7476
10/08/2008 12:32 GMT - USD/CHF
- Moves down below first support level 1.1339
10/08/2008 12:32 GMT - USD/JPY
- Moves up back around first support level 100.60
10/08/2008 12:33 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 PENDING HOME SALES
| Date (GMT) | Event | Cons. | Previous | |
| Oct 8 | 14:00 | Pending Home Sales (MoM) | -1.1% | -3.2% |
Trading News Report - U.S. Pending Home Sales to Fall Further − Will the Dollar Give Back? by FXCM
U.S. pending home sales is anticipated to fall another 1.1% after declining 3.2% in July, which suggests that the downturn in the housing sector will continue to limit economic activity throughout the second half of the year.
[ Full Story ]Top Market Movers Review
US FED INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 8 | 11:00 | Fed Interest Rate Decision | 1.5% | - | 2.0% |
Fed leads global coordinated rate cut, eases by 1/2 point (Thomson Financial News)
The U.S. Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half−point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks.
[ Full Story ]- Federal Reserve announces reductions in policy interest rates
- U.S. fed funds rate at 4.5 pct, above Fed's target (Thomson Financial News)
- FOCUS Coordinated rate cuts welcomed, but more expected in coming months (Thomson Financial News)
- IMF: World Economy In `Major Downturn' Amid Financial Shock (Dow Jones)
Global 50bp rate cut by FXstreet.com
FOMC, ECB, BoE, SNB and BoC Cut Rates in Coordinated Effort by FXCM
UK BOE INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 8 | 11:00 | BoE Interest Rate Decision | 4.5% | - | 5.0% |
BoE makes emergency rate cut of 50 basis points (Thomson Financial News)
The Bank of England made an emergency 50 basis point cut in interest rates on Wednesday as part of coordinated global monetary easing to alleviate the economic pain of the stresses in financial markets.
[ Full Story ]- Bank of England Reduces Bank Rate by 0.5 Percentage Points to 4.5% at BoE
- UPDATE: Irish PM: Bank Guarantee Can't Be Finalized Without EU (Dow Jones)
- U.S. fed funds rate at 4.5 pct, above Fed's target (Thomson Financial News)
- FOCUS Coordinated rate cuts welcomed, but more expected in coming months (Thomson Financial News)
Global 50bp rate cut by FXstreet.com
FOMC, ECB, BoE, SNB and BoC Cut Rates in Coordinated Effort by FXCM
EMU ECB INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Oct 8 | 11:00 | ECB Interest Rate Decision | 3.75% | - | 4.25% |
ECB Cuts Refi Rate To 3.75% From 4.25% (Dow Jones)
In a coordinated interest rate move among global central banks, the European Central Bank Wednesday cut interest rates by 50 basis points.
[ Full Story ]- Read the Monetary policy decisions at the ECB
- Europe, France to be hard hit by slowdown−French PM (Thomson Financial News)
- U.S. fed funds rate at 4.5 pct, above Fed's target (Thomson Financial News)
- FOCUS Coordinated rate cuts welcomed, but more expected in coming months (Thomson Financial News)
Global 50bp rate cut by FXstreet.com
FOMC, ECB, BoE, SNB and BoC Cut Rates in Coordinated Effort by FXCM
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Oct 8 | 11:00 | CA | BoC Interest Rate Decision | 2.5% | 3.0% | |
| 11:00 | US | Fed Interest Rate Decision | 1.5% | 2.0% | ||
| 11:00 | US | MBA Mortgage Applications (Oct 3) | 2.2% | -23.0% | ||
| 11:00 | CN | PBoC Interest Rate Decision | 6.93% | 7.20% | ||
| 11:00 | SE | Riksbank Interest Rate Decision | 4.25% | 4.75% | ||
| 12:15 | CA | Housing Starts s.a (YoY) (Sep) | 217.6K | 209.0K | 211.0K | |
| 14:00 | US | Pending Home Sales (MoM) (Aug) | -1.1% | -3.2% | ||
| 14:35 | US | EIA Crude Oil Stocks change | 2.0 | 4.3M | ||
| 23:50 | JP | Core Machinery Orders (MoM) (Aug) | -2.7% | -3.9% | ||
| Oct 9 | 00:00 | G7 Meeting | ||||