Friday, May 29, 11:30 GMT
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Forex Blogs
The Advisor Blog: Commodity currencies leading the way by Valeria Bednarik
With gold quoting above $975/oz. and crude barrel above $ 65.00 no surprise commodity currencies continue pushing higher. Australian dollar quotes against greenback at 0.7980 with a first resistance at the 0.8000 zone. Clear break above will send the pair close to 0.8100 with an intermediate resistance at 0.8045. If continues rising, key longer term level lies at 0.83~. Supports,to consider are 0.7940 and 0.7902.
FX Market Readings: Before and after moves of US GDP by Dr.S. Sivaraman
CEO's Weblog: NFA Rule: 2-43 (b) - Is US retail FX going to be the same ever again? FXCM Drew Niv’s View by Francesc Riverola
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Live Sessions Schedule
Watch Live Coverage of the US GDP
Expert: Jerry Furst
Start: Fri, May 29, 11:30 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Fri, May 29, 11:30 GMT | Watch Live Coverage of the US GDP | Jerry Furst | WBN | |
| Mon, Jun 1, 05:00 GMT | Asian Session: Live Market Analysis | Dr.S.Sivaraman | WBN |  |
| Mon, Jun 1, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN | |
| Mon, Jun 1, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
Current Session: Europe − U.S.
EUR/USD: Euro breaks above 1.4100 resistance level; fresh 5−month high
FXstreet.com − The Euro continues advancing further at the higher levels of the last five months, breaking above 1.4100. The pair has risen almost 200 pips today and, at t the moment of writing, the Euro trades at 1.4100; 1.22% above its opening price.
Next resistance levels lie at 1.4115/20 and above there, 1.4145 (Dec 31 high) and 1.4220 (Dec 30 high). On the downside, support levels lie at 1.4050 and below there, 1.4000 and 1.3965/70.
GBP/USD
Daily Trading Forecast − Economic Optimism Weighs on USD by Swiss e Trade AG
Cable is in a bull market in early European trading, about to test the 1.6100 resistance level, right now priced at 1.6080. We expect some downward corrections soon, but not moving beyond the 1.6030 support for today.
USD/JPY
Forex: USD/JPY: Dollar drops below 96.30 support by FXstreet.com
The Dollar has given away some of the ground taken on its May 28 rally as the USD/JPY has dropped below 96.30 support level, after Euro Zone CPI was released, reaching levels close to 95.90 support area.
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 GROSS DOMESTIC PRODUCT ANNUALIZED
| Date (GMT) | Event | Cons. | Previous | |
| May 29 | 12:30 | Gross Domestic Purchases Price Index | 2.9% | 2.9% |
| May 29 | 12:30 | Gross Domestic Product Annualized | -5.5% | -6.1% |
US economic indicators - GDP (Q1 preliminary): upward revision due to inventories and net exports by BHF−Bank
In the advance release for Q1, the Commerce Department reported that GDP had fallen by an annualised 6.1% qoq, roughly the same pace of decline as in Q4. Particularly striking in the 1st quarter were the negative contributions from non−residential investment (–4.7 percentage points) and inventory investment (–2.8 percentage points).
[ Full Story ]Top Market Movers Review
EMU CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 29 | 09:00 | Consumer Price Index (YoY) | 0.0% | 0.2% | 0.6% |
Euro Zone CPI, lowest on record; Euro and Pound jump above mid−term highs (FXstreet.com)
[ Full Story ]- Read the CPI data at Eurostat
- UPDATE: Euro−Zone CPI Drops To Fresh Record Low Of 0.0% YY (Dow Jones)
- Forex: EUR/USD: Euro reaches above 1.4025 after CPI data (FXstreet.com)
- Forex: GBP/USD: Pound rises above 1.6088, 6−month high, after Euro Zone CPI (FXstreet.com)
EMU economic indicators - EMU inflation flash estimate (May): down by BHF−Bank
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 29 | 06:00 | DE | Retail Sales (MoM) (Apr) | 0.5% | 0.5% | -0.4% |
| 06:00 | DE | Retail Sales (YoY) (Apr) | -0.8% | -0.3% | -1.5% | |
| 08:00 | EMU | M3 (YoY) (Apr) | 4.9% | 4.5% | 5.1% | |
| 09:00 | EMU | Consumer Price Index (YoY) (May) | 0.0% | 0.2% | 0.6% | |
| 09:15 | EMU | ECB Trichet's Speech | ||||
| 09:30 | CH | KOF Leading Indicator (May) | -1.86 | -1.78 | -1.86 | |
| 12:30 | CA | Current Account (1Q) | -10.4B | -7.5B | ||
| 12:30 | US | Gross Domestic Product Annualized (1Q)  | -5.5% | -6.1% | ||
| 12:30 | US | Gross Domestic Purchases Price Index (1Q) | 2.9% | 2.9% | ||
| 13:45 | US | Chicago Purchasing Managers' Index (May) | 42.0 | 40.1 | ||
Technical Analysis
Seasonal Patterns are simply cycles in a Commodity's life that repeat on a consistent basis year after year. This creates opportunities in outright Futures or Spread positions that fall in an optimized window in time. Read full Lessons from the Pros report!
Webinar - Correlations: commodities and small dollars with Valeria Bednarik on Jun 2 at 15:00 GMT - Register now!
Webinar Recording - The Relationship between Commodities and the Foreign Exchange Market by Dan Blystone
Webinar Recording - Seasonal Patterns for Grain Traders by Carley Garner
Check Carley Garner's book Commodity Options