Tuesday, May 12, 11:23 GMT
U.S. Trading Newsletter
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Forex Blogs
Trading for a living: Double bottom in Eur and Cable gave us a good rally this morning by David Aranzabal
Today we started losing in Eur but we recover the loses in the second trade. We missed the rest of the party because we closed the trade as soon as we archived break even for the day. But we don't care because our first goal is not losing money. On cable we got almost 80 pips. Both pairs behaved very similar this morning after a double bottom pattern in 60m charts.
CEO's Weblog: Live Webinars Now During Asian Market Session… Do Not Miss Them! by Francesc Riverola
Forex Trading Today: The Battleof the Channel Rolls Along as Euro Looks for Additional Momentum by Tim Salem
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Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, May 12, 14:00 GMT
Type of Session: Webinar
Trading with Autochartist
Expert: Raghee Horner
Start: Tue, May 12, 15:00 GMT
Type of Session: Webinar
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| Tue, May 12, 11:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, May 12, 12:00 GMT | US Pre−Market Open | Ed Ponsi | WBN |  |
| Tue, May 12, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Tue, May 12, 14:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
Current Session: Europe − U.S.
Expect More Upward Momentum for the Dollar Today
Swiss e Trade AG − Trading near stiff longer−term resistance zones this European morning, currently priced at 1.3640, the pair is losing some of its upward momentum. We expect downward corrections today, to levels around 1.3470.
GBP/USD
GBP/USD: Pound pulls back from 1.5305 fresh 4−month high by FXstreet.com
The Pound has lost strength after having hit a fresh 4−month high at 1.5305 and has dropped to levels right above yesterday's high at 1.5260, a support level which is being tested at the moment.
USD/JPY
USD/JPY: Double top head and shoulders about to confirm by ACM − Advanced Currency Markets
Yen gained against the dollar yesterday as other pairs retraced. We are currently trading particular range, with a double top head and shoulders about to confirm.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US TRADE BALANCE
| Date (GMT) | Event | Cons. | Previous | |
| May 12 | 12:30 | Trade Balance | -$28.90B | -$25.97B |
US economic indicators - Trade deficit (Mar): rising after sharp fall to nine−year low in February by BHF−Bank
However, according to the Commerce Department's estimate, March imports are likely to have increased slightly, while exports could have fallen back. Thus we forecast that the nominal trade deficit will have increased to about $30bn in March.
[ Full Story ]Top Market Movers Review
UK GOODS TRADE BALANCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 12 | 08:30 | Total Trade Balance | -£2.5B | -£3.0B | -£2.8B |
| May 12 | 08:30 | Goods Trade Balance | -£6.6B | -£7.2B | -£6.8B |
UPDATE:UK Mar Goods Trade Deficit Narrows To Near 2−Year Low (Dow Jones)
The U.K.'s goods trade deficit shrank to its smallest level for almost two years in March with imports falling more sharply than exports as the pound weakened, official data showed Tuesday.
[ Full Story ]- Read the Trade Balance data at UK Statistics
- 2nd UPDATE:UK Goods Trade Deficit Narrows To Near 2−Year Low (Dow Jones)
- UK Mar Goods Trade Balance rises to £−6.6B (FXstreet.com)
- DATA SNAP: UK Goods Trade Deficit Narrows To Near 2−Year Low (Dow Jones)
UK INDUSTRIAL PRODUCTION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 12 | 08:30 | Industrial Production (YoY) | -12.4% | -12.8% | -12.3% |
| May 12 | 08:30 | Manufacturing Production (MoM) | -0.1% | -0.8% | -0.3% |
| May 12 | 08:30 | Industrial Production (MoM) | -0.6% | -0.7% | -0.7% |
| May 12 | 08:30 | Manufacturing Production (YoY) | -12.9% | -14.0% | -13.4% |
DATA SNAP: UK Mar Mfg Output Posts Smallest Drop For 13 Mos (Dow Jones)
U.K. manufacturing output was higher than expected in March, declining at its slowest monthly pace for more than a year, the Office for National Statistics said Tuesday.
[ Full Story ]- 2nd UPDATE: UK Mar Mfg Output Posts Smallest Drop For 13 Mos (Dow Jones)
- Forex: EUR/GBP falls to test 0.8950 after good UK manufacturing production data (FXstreet.com)
- UPDATE: UK March Mfg Output Posts Smallest Drop For 13 Mos (Dow Jones)
Friday Notes - UK, industrial production: Close to the bottom by UniCredit Group
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 12 | 08:30 | UK | DCLG House Price Index (YoY) (Mar) | -13.6% | -12.5% | -12.3% |
| 08:30 | UK | Goods Trade Balance (Mar) | £-6.6B | -£7.2B | -£6.8B |
|
| 08:30 | UK | Industrial Production (MoM) (Mar) | -0.6% | -0.7% | -0.7% |
|
| 08:30 | UK | Industrial Production (YoY) (Mar) | -12.4% | -12.8% | -12.3% |
|
| 08:30 | UK | Manufacturing Production (MoM) (Mar) | -0.1% | -0.8% | -0.3% |
|
| 08:30 | UK | Manufacturing Production (YoY) (Mar) | -12.9% | -14.0% | -13.4% |
|
| 12:20 | US | Fed's Lockhart speech | ||||
| 12:30 | CA | International Merchandise Trade | $0.500B | $0.126B | ||
| 12:30 | US | Trade Balance | -$28.90B | -$25.97B | ||
| 18:00 | US | Monthly Budget Statement | -60.5B | -192.3B | ||